Interim Results

GRESHAM HOUSE PLC Interim Results for the six months ended 30th June 2006 Gresham House plc (GHE.L), the property and early-stage investment trust, today announces unaudited interim results for the six months ended 30th June 2006. Financial Highlights · Profit attributable to equity shareholders in period of £209,000 against profit of £30,000 for the same period 2005. · Capital account profit in period of £1,649,000 against a profit of £1,737,000 during the first six months of 2005. · Basic earnings per ordinary share up to 38.1p (36.3p for the first half of 2005). · Basic net asset value up 33.1p to 808.8p as at 30th June from 775.7p as at 1st January 2006. Equity Investment Portfolio Highlights · Gains on the investment portfolio in the period of £1,289,000: Hallin Marine Subsea International plc (£277,000), Image Scan Holdings plc (£312,000), Plus Markets Group plc (£334,000) and SpaceandPeople plc (£214,000). · £412,000 of new investments made in the unquoted share portfolio, the largest single investment being in Solar Technologies Group Limited. Property Investment Portfolio Highlights · New rental income in the period of £197,000 at the units at Speke against a rental income £2,000 in the comparable period last year for the same units. · This has subsequently increased to an annualised income of £466,000 since the period end. Alfred Stirling, Chairman of Gresham House plc, commented: "Your Board continues with its strategy of seeking innovative early stage investments in companies that have a real prospect of high growth whilst at the same time seeking the progressive development of the Group's property portfolio." - ends - Further information: Alfred Stirling (Chairman - Gresham House) 020 7588 7352 Toby Hall/Jade Mamarbachi (gth media relations) 020 7153 8039/8035 GRESHAM HOUSE PLC INTERIM RESULTS CHAIRMAN'S INTERIM STATEMENT Dear Shareholder, The results for the half year ended 30th June, 2006 show a profit attributable to equity shareholders of £209,000 against a profit of £30,000 for the comparable period last year and a profit of £1,649,000 for the capital account as against a profit of £1,737,000 for the same period last year. Overall, basic earnings per ordinary share were 38.1p against 36.3p for the first half of 2005. The major variances in the Revenue account between the two periods concerned were the increase in rental income of £311,000 offset by the increase in operating expenses of £242,000. As anticipated in my statement contained within the Report and Accounts for 2005 the property units at Speke have generated a rental income of £197,000 during the six months ended 30th June 2006 compared with virtually nothing (£2,000) in the comparable period last year. This has subsequently increased to an annualised income of £466,000 since the period end. A number of enquiries are being actively pursued and marketing continues in respect of the 251,000 square feet that currently remain vacant. With regard to the increase in operating costs this is due in the main to a write back in the six month period ended 30th June 2005 of a specific provision for bad debts no longer required amounting to £228,000. If this item is ignored for comparison purposes the other operating costs have remained at or around the same overall level. The major part of the increase in the capital account is as a result of the gains on the investment portfolio amounting to £1,289,000. There have been significant increases in the value of our investments in Hallin Marine Subsea International plc (£278,000), Image Scan Holdings plc (£313,000), Plus Markets Group plc (£334,000) and SpaceandPeople plc (£214,000)offset by falls in Egdon Resources plc (£124,000) and Transense Technologies plc (£164,000), all of which are quoted in the AIM market. As a result the Group's basic net asset value has risen from 775.7p as at 1st January 2006 to 808.8p as at 30th June, an increase of 33.1p or 4.3%. By comparison the FTSE All Share Index has increased by 4.2% over the same period. During the period under review the Board made further investments in the unquoted share portfolio of £412,000, the largest being in Solar Technologies Group Limited, a company which specialises in the installation of solar power units. Further details of a selection of the portfolio which demonstrates the range of companies in which we invest, can be found on the Gresham website www.greshamhouse.com. Following the Budget, on 27th March 2006 I announced our intention to de-merge the Group's property interests into a qualifying REIT structure. I an pleased to confirm that this process moves forward albeit slower that we originally anticipated. Implementation of the proposals will require an Extraordinary General Meeting of the Company which we intend to convene as soon as reasonably practicable. Your Board continues with its strategy of seeking innovative early stage investments in companies that have a real prospect of high growth whilst at the same time seeking the progressive development of the Group's property portfolio. A P Stirling Chairman 28th September 2006 GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2006 Six months to Six months to Year ended 30 June 2006 30 June 2005 31 December 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Income: Dividend and interest income 179 - 179 142 - 142 329 - 329 Rental income 1,270 - 1,270 959 - 959 2,098 - 2,098 Other operating income 161 - 161 179 3,000 3,179 323 - 323 ----- ----- ----- ----- ----- ----- ----- ----- ----- 1,610 - 1,610 1,280 3,000 4,280 2,750 - 2,750 Gains on investments held at fair value - 1,289 1,289 - (1,336)(1,336) - 2,824 2,824 Movement in fair value of property investments - 360 360 - - - - 6,144 6,144 ----- ----- ----- ----- ----- ----- ----- ----- ------ Total income and gains on investments 1,610 1,649 3,259 1,280 1,664 2,944 2,750 8,968 11,718 ----- ----- ----- ----- ----- ----- ----- ----- ------ Expenses Other operating Expenses (939) - (939) (697) - (697) (1,691) - (1,691) Finance costs (576) - (576) (519) - (519) (1,151) - (1,151) ----- ----- ----- ----- ----- ----- ----- ----- ------ (1,515) -(1,515) (1,216) - (1,216) (2,842) - (2,842) ----- ----- ----- ----- ----- ----- ----- ----- ------ Profit/(loss) before taxation 95 1,649 1,744 64 1,664 1,728 (92) 8,968 8,876 Taxation - 121 121 - 73 73 - (1,240)(1,240) ----- ----- ----- ----- ----- ----- ----- ----- ------ Profit/(loss) For the period 95 1,770 1,865 64 1,737 1,801 (92) 7,728 7,636 ===== ===== ===== ===== ===== ===== ===== ===== ====== Attributable to: Equity holders of the parent 209 1,649 1,858 30 1,737 1,767 140 7,399 7,539 Minority interests (114) 121 7 34 - 34 (232) 329 97 ----- ----- ----- ----- ----- ----- ----- ----- ------ 95 1,770 1,865 64 1,737 1,801 (92) 7,728 7,636 ===== ===== ===== ===== ===== ===== ===== ===== ====== Basic earnings per Ordinary share (Note 2) 38.1p 36.3p 154.8p ===== ===== ====== Diluted earnings per Ordinary share (Note 2) 38.1p 36.3p 154.7p ===== ===== ====== GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2006 Half year ended 30 June 2006 Ordinary Share share Share Based Capital Retained capital premium payments reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2005 1,218 822 12 44,155 (8,401) 37,806 Profit for the period - - - 1,649 209 1,858 Ordinary dividend paid - - - - (244) (244) (Note 3) ------- ------- ------- ------- ------- ------- Balance at 30 June 2006 1,218 822 12 45,804 (8,436) 39,420 ======= ======= ======= ======= ======= ======= Half year ended 30 June 2005 Ordinary Share share Share Based Capital Retained capital premium payments reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2004 1,212 761 - 36,756 (8,346) 30,383 Profit for the period - - - 1,737 30 1,767 Ordinary dividend paid - - - - (195) (195) (Note 3) Issue of shares 6 61 - - - 67 ------- ------- ------- ------- ------- ------- Balance at 30 June 2005 1,218 822 - 38,493 (8,511) 32,022 ======= ======= ======= ======= ======= ======= Year ended 31 December 2005 Ordinary Share share Share Based Capital Retained capital premium payments reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 December 2004 1,212 761 - 36,756 (8,346) 30,383 Profit for the period - - - 7,399 140 7,539 Ordinary dividend paid - - - - (195) (195) (Note 3) Issue of shares 6 61 - - - 67 Share based payments - - 12 - - 12 ------- ------- ------- ------- ------- ------- Balance at 31 December 2005 1,218 822 12 44,155 (8,401) 37,806 ======= ======= ======= ======= ======= ======= GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2006 30 June 30 June 31 December 2006 2005 2005 Assets £'000 £'000 £'000 Non current assets Investments held at fair value 13,789 11,263 12,774 Property investments 34,626 25,728 34,226 Property, plant and equipment 506 517 512 ------- ------- ------- Total non current assets 48,921 37,508 47,512 ------- ------- ------- Current assets Trade and other receivables 500 3,310 389 Accrued income and prepaid expenses 1,015 1,029 1,170 Other current assets 9,390 6,386 8,904 Cash and cash equivalents 1,188 2,605 863 ------- ------- ------- Total current assets 12,093 13,330 11,326 ------- ------- ------- Total assets 61,014 50,838 58,838 ------- ------- ------- Current liabilities Trade and other payables 2,329 1,918 2,615 Short term borrowings 9,952 5,530 9,549 Current tax payable 17 17 17 ------- ------- ------- Total current liabilities 12,298 7,465 12,181 ------- ------- ------- Total assets less current liabilities 48,716 43,373 46,657 Non current liabilities Long term borrowings 7,009 10,326 6,449 Deferred taxation 1,509 317 1,631 ------- ------- ------- 8,518 10,643 8,080 ------- ------- ------- Net assets 40,198 32,730 38,577 ======= ======= ======= Capital and reserves Ordinary share capital (Note 4) 1,218 1,218 1,218 Share premium 822 822 822 Share based payments 12 - 12 Capital reserve 45,804 38,493 44,155 Retained earnings (8,436) (8,511) (8,401) ------- ------- ------- Equity attributable to equity shareholders 39,420 32,022 37,806 Minority interest 778 708 771 ------- ------- ------- Total equity 40,198 32,730 38,577 ======= ======= ======= Basic net asset value per ordinary share 808.8p 657.0p 775.7p (Note 5) ======= ======= ======= Diluted net asset value per ordinary share 807.4p 656.3p 775.1p (Note 5) ======= ======= ======= GRESHAM HOUSE PLC INTERIM RESULTS UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2006 12 months to 6 months to 6 months to 31 December 30 June 2006 30 June 2005 2005 £'000 £'000 £'000 Cashflow from operating activities Investment income received 118 47 117 Interest received 61 95 212 Rental income received 1,122 904 2,145 Other cash payments (749) (445) (1,235) ------- ------- ------- Net cash generated from operations 552 601 1,239 Interest paid on 8% Secured Redeemable Loan Stock 2006 (146) (146) (293) Interest paid on property loans (506) (425) (754) ------- ------- ------- Net cash flows from operating activities (100) 30 192 ======= ======= ======= Cash flows from investing activities Purchase of investments (1,137) (1,186) (2,295) Sale of investments 1,411 307 1,106 Purchase of investment properties (365) (128) (1,532) Disposal of investment properties - - 105 Purchase of developments in hand (203) (286) (652) ------- ------- ------- (294) (1,293) (3,268) ======= ======= ======= Cash flows from financing activities Repayment of loans (252) (3,234) (3,484) Receipt of loans 1,215 - 321 Share capital issued - 67 67 Equity dividends paid (244) (195) (195) ------- ------- ------- 719 (3,362) (3,291) ======= ======= ======= Increase/(decrease)in cash and cash equivalents 325 (4,625) (6,367) Cash and cash equivalents at start of period 863 7,230 7,230 ------- ------- ------- Cash and cash equivalents at end of period 1,188 2,605 863 ======= ======= ======= GRESHAM HOUSE PLC INTERIM RESULTS PRINCIPAL ACCOUNTING POLICIES The Group's principal accounting policies are as follows: (a) Basis of accounting The financial statements of the Group and the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. These comprise standards and interpretations approved by the International Accounting Standards Board ("IASB"), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ("IASC") that remain in effect, to the extent that IFRS have been adopted by the European Union. These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. (b) Basis of preparation The financial statements have been prepared under the historical cost convention, as modified by the revaluation of properties and investments held at fair value through profit and loss. The principal accounting policies adopted are set out below. Where presentational guidance set out in the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Trust Companies ("the AITC") in December 2005 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. (c) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings made up to 30th June 2006. All intra-group transactions, balances, income and expenses are eliminated on consolidation. (d) Presentation of Income Statement In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AITC, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. Net capital returns may not be distributed by way of a dividend. The net revenue is the measure the directors believe appropriate in assessing the Group's compliance with certain requirements set out in section 842 of the Income and Corporation Taxes Act 1988. (e) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the entity. The Group's associates are accounted for in accordance with IAS39 Financial Instruments: Recognition and Measurement ("IAS 39") as investments designated at fair value through profit and loss and, in accordance with paragraph 1 of IAS 28 Investments in Associates ("IAS 28"), equity accounting is not required. (f) Segmental reporting A business segment is a group of assets and operations that are subject to risks and returns that are different from those of other business segments. The group comprises of two business segments: the Investment Trust and Property Investment. This is consistent with internal reporting. All revenues are derived from operations within the United Kingdom and consequently no separate geographical segment information is provided. (g) Income (i) Dividend and interest income Income from listed securities and interest receivable on bank deposits is accounted for on a receivable basis. Interest receivable on loans is accounted for on an accruals basis. (ii) Rental income Rental income comprises property rental income receivable net of VAT. (iii) Construction income The group recognises turnover and profit in respect of its performance under a long term contract when, and to the extent that, it obtains the right to consideration for work completed. This is derived from an assessment of the fair value of goods and services provided to the period end date as a proportion of the fair value of the contract. Amounts recoverable on contracts which are included as debtors are stated at cost plus attributable profit less any foreseeable losses. Payments received on account of contracts are deducted from accounts recoverable on contracts in debtors or long term contract balances in stock. Where such amounts have been received and exceed amounts recoverable, the net amounts are included in creditors. (h) Expenses All expenses and interest payable are accounted for on an accruals basis. All expenses are allocated to revenue except the expenses which are incidental to the disposal of an investment, which are deducted from the disposal proceeds of the investment. (i) Property, plant and equipment All property, plant and equipment with the exception of freehold property is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. The freehold property is held at deemed cost at the date of the transition to IFRS less depreciation. Depreciation on property, plant and equipment is provided principally on a straight line basis at varying rates of between 2% and 25% in order to write off the cost of assets over their expected useful lives. Freehold property is depreciated at the rate of 2% per annum. (j) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. In line with the recommendations of the SORP, the allocation method used to calculate tax relief on expenses presented against capital returns in the supplementary information in the income statement is the "marginal basis". Under this basis, if taxable income is capable of being offset entirely by expenses presented in the revenue column of the income statement, then no tax relief is transferred to the capital return column. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Investment trusts which have approval under section 842 of the Income Corporation Taxes Act 1988 are not liable for taxation on capital gains. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax is calculated at the rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. (k) Operating leases Amounts payable under operating leases are charged directly to the Income Statement on a straight line basis over the period of the lease. The aggregate cost of operating lease incentives provided by the Group are recognised as a reduction in rental income on a straight line basis over the lease term. (l) Investments (i) Securities Purchases and sales of listed investments are recognised on the trade date, the date on which the Group commit to purchase or sell the investment. All investments are designated upon initial recognition as held at fair value, and are measured at subsequent reporting dates at fair value, which is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Fair values for unquoted investments, or for investments for which there is only an inactive market, are established by taking into account the guidelines issued by the British Venture Capital Association as follows: (i) Investments which have been made in the last 12 months are valued at cost in the absence of overriding factors; (ii) Investments in companies at an early stage of development are also valued at cost in the absence of overriding factors; (iii) Where investments have gone beyond the stage in their development in (ii) above, the shares may be valued by having regard to a suitable price- earnings ratio to that company's historic post-tax earnings or the net asset value of the investment; and (iv) Where a value is indicated by a material arm's length market transaction by a third party in the shares of a company, that value may be used. (ii) Properties Investment properties are included in the balance sheet at fair value and are not depreciated. (m) Developments in hand Developments in hand are valued at the lower of cost and net realisable value. Third party interest which relates to properties held for, or in the course of, development is capitalised as incurred. Profits and losses arising from the sale of developments are dealt with through the Income Statement. (n) Trade and other receivables Other receivables do not carry any interest and are short term in nature and are accordingly stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. (o) Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. (p) Dividends payable All dividends are recognised in the period in which they are approved by shareholders. (q) Bank borrowings All bank loans are initially recognised at cost, being the fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost. Amortised cost is calculated by taking into account any discount or premium on settlement. Interest costs on property loans attributable to non current assets are charged to the Income Statement as incurred. Interest costs on property loans attributable to current assets are capitalised. (r) Convertible loan notes Convertible loan notes issued by the Group are regarded as compound instruments, consisting of a liability component and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market rate for similar non-convertible debt. The difference between the proceeds of the issue of the convertible loan notes and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity. Issue costs are apportioned between the liability and equity components of the convertible loan notes based on their relative carrying amounts at the date of issue. The portion relating to the equity component is charged directly against equity. The interest expense on the liability component is calculated by applying the prevailing market interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this amount and the interest paid is added to the carrying amount of the convertible loan note. (s) Trade and other payables Other payables are not interest-bearing and are stated at their nominal value. (t) Capital reserves Capital Reserve - Realised. The following are accounted for in this reserve: - gains and losses on the realisation of securities and property investments. - realised exchange differences of a capital nature. - expenses and finance costs, together with the related taxation effect, charged to this reserve in accordance with the above policies. - realised gains and losses on transactions undertaken to hedge an exposure of a capital nature including guarantees. Capital Reserve - Unrealised. The following are accounted for in this reserve: - increases and decreases in the valuation of investments held at the year- end. - unrealised exchange differences of a capital nature. - provisions charged against carrying value of investments held at the year end. - provisions for deferred taxation in respect of revalued properties. (u) Long term contracts The group recognises turnover and profit in respect of its performance under a long term contract when, and to the extent that, it obtains the right to consideration for work completed. This is derived from an assessment of the fair value of the goods and services provided to the year end date as a proportion of the fair value of the contract. Amounts recoverable on contracts which are included in debtors are stated at cost plus attributable profit less any foreseeable losses. Payments received on account of contracts are deducted from accounts recoverable on contracts in debtors or long term contract balances in stock. Where such amounts have been received and exceed amounts recoverable, the net amounts are included in creditors. (v) Government grants Capital based government grants are capitalised and offset against the cost of the asset in the Balance Sheet with any resultant increase in the fair value of the asset being credited to capital reserves. Revenue based government grants are credited to the income statement in the same year as the expenditure is charged. (w) Pensions The cost of payments to personal pension schemes for employees is charged against profits in the year in which they are incurred. (x) Share based payments The cost of granting share options and other share based remuneration to employees and directors is recognised through the Income Statement with reference to the fair value at the date of grant. In the case of options granted, fair value is measured using an option pricing model and charged over the vesting period of the options. GRESHAM HOUSE PLC INTERIM RESULTS NOTES TO THE FINANCIAL STATEMENTS 1 COMPARATIVE INFORMATION The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the half year ended 30th June 2006 and 30th June 2005 has not been audited. The information for the year ended 31st December 2005 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 31st December 2005 have been filed with the Registrar of Companies. The report of the auditors on those financial statements contained no qualification or statement under section 237(2) or (3) of the Companies Act 1985. 2 EARNINGS PER SHARE Basic return The Basic earnings per share figure is based on the net gain attributable to equity holders of the parent for the half year of £1,858,000 (half year ended 30th June 2005: £1,767,000; year ended 31st December 2005: £7,539,000) and on 4,873,880 (half year ended 30th June 2005: 4,867,499; year ended 31st December 2005: 4,870,716) ordinary shares, being the weighted average number of ordinary shares in issue during the period. Diluted return The Diluted earnings per share figure is based on the net gain attributable to equity holders of the parent for the half year of £1,858,000 (half year ended 30th June 2005: £1,767,000; year ended 31st December 2005: £7,539,000) and on 4,882,556 (half year ended 30th June 2005: 4,872,488; year ended 31st December 2005: 4,874,628) ordinary shares, being the weighted average number of ordinary shares in issue during the period together with 8,676 (half year ended 30th June 2005: 4,989; year ended 31st December 2005: 3,912) shares deemed to been issued at nil consideration as a result of options granted or pursuant to the terms of the 8% secured loan stock issued by Gresham House Finance plc. The earnings per ordinary share figures detailed above can be further analysed between revenue and capital as follows:- Half year Half year ended 30 ended 30 Year ended 31 June 2006 June 2005 December 2005 £'000 £'000 £'000 Net revenue profit attributable to equity holders of the parent 209 30 140 Net capital profit attributable to equity holders of the parent 1,649 1,737 7,399 ------- ------- ------- Net total profit 1,858 1,767 7,539 ======= ======= ======= Weighted average number of ordinary shares in issue during the period Basic 4,873,880 4,867,499 4,870,716 Diluted 4,882,556 4,872,488 4,874,628 Basic earnings per share Pence Pence Pence Revenue 4.3 0.6 2.9 Capital 33.8 35.7 151.9 ------- ------- ------- Total basic earnings per share 38.1 36.3 154.8 ======= ======= ======= Diluted per share Pence Pence Pence Revenue 4.3 0.6 2.9 Capital 33.8 35.7 151.8 ------- ------- ------- Total diluted earnings per share 38.1 36.3 154.7 ======= ======= ======= 3 DIVIDENDS Half year Half year ended 30 ended 30 Year ended 31 June 2006 June 2005 December 2005 £'000 £'000 £'000 Amounts recognised as distributions to equity holders in the period: Final dividend for the year ended 31st December 2005 of 5p (2004: 4p) per share 244 195 195 ======= ======= ======= 4 ORDINARY SHARE CAPITAL Half year Half year ended 30 ended 30 Year ended 31 June 2006 June 2005 December 2005 Share capital £'000 £'000 £'000 Authorised: £4,750,000 (30th June 2005 & 31st December 2005: £4,750,000) Allotted: Ordinary - 4,873,880 (30th June 2005 & 31st December 2005: 4,873,880) fully paid shares of 25p each 1,218 1,218 1,218 ======= ======= ======= 5 NET ASSET VALUE PER SHARE Basic Basic net asset value per ordinary share is based on Equity attributable to equity shareholders of £39,420,000 (half year ended 30th June 2005:£32,022,000; year ended 31st December 2005: £37,806,000) and on 4,873,880 (half year ended 30th June 2005: 4,873,880; year ended 31st December 2005: 4,873,880) ordinary shares being the number of ordinary shares in issue at the period end. Diluted Diluted net asset value per ordinary share is based on Equity attributable to equity shareholders at each respective period end and on 4,882,556 (half year ended 30th June 2005: 4,878,869; year ended 31st December 2005: 4,877,792) ordinary shares. The number of shares is based upon the number of shares in issue at the period end together with those number of shares deemed to have been issued at nil consideration as a result of options granted or under the terms of the 8% Secured Loan Stock issued by Gresham House Finance plc. 6 SEGMENTAL REPORTING Property Other Investment Investment Activities Consolidated £'000 £'000 £'000 £'000 Half year ended 30th June 2006 Revenue 279 1,270 - 1,549 ======== ======== ======== ======== Result 1,629 1,560 - 3,189 ======== ======== ======== ======== Unallocated corporate expenses (930) -------- Operating profit 2,259 Interest expense (576) Interest income 61 -------- Profit before taxation 1,744 ======== Half year ended 30th June 2005 Revenue 225 959 - 1,184 ======== ======== ======== ======== Result 1,890 729 - 2,619 ======== ======== ======== ======== Unallocated corporate expenses (467) -------- Operating profit 2,152 Interest expense (519) Interest income 95 -------- Profit before taxation 1,728 ======== Year ended 31st December 2005 Revenue 390 2,148 - 2,538 ======== ======== ======== ======== Result 3,099 7,487 - 10,586 ======== ======== ======== ======== Unallocated corporate expenses (771) -------- Operating profit 9,815 Interest expense (1,151) Interest income 212 -------- Profit before taxation 8,876 ======== All revenue is derived from operations within the United Kingdom.

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