Interim Results

Highway Capital PLC
29 November 2002


                              HIGHWAY CAPITAL PLC


INTERIM REPORT 2002


Chairman's Statement


At the AGM, I reported to you that the Directors have continued to search for a
suitable candidate business to reverse into Highway Capital plc. At that time
the Directors felt that none of those proposals considered were appropriate
acquisitions for the Company, either because they were not of sufficient calibre
or they had not presented the possibility of sufficient potential return for
shareholders.


Since that time, the search has continued. I am pleased to say that we are in
discussions with a potential target and those discussions are at an advanced
stage. I hope to be able to announce to you progress on this matter in the near
future.


Results for the six months ended 31 August 2002 show a loss before tax of
£65,679 (2001: £57,000 loss).


The company had cash at bank and in hand of £832,000 at the Balance Sheet date.


At this time we do not consider it appropriate to declare an interim dividend.


Dominic Wheatley

Chairman

29 November 2002


Profit and Loss Account                                     6 months ended           6 months ended
                                                            31 August 2002           31 August 2001
                                                               (unaudited)              (unaudited)
                                                        Notes        £'000                    £'000

Turnover                                                                 -                        -
                                                                      
Administration expenses                                               (80)                     (85)

Operating loss                                                        (80)                     (85)

Income from fixed asset investments                                      -                        -

Interest receivable                                                    15                       28

Loss on ordinary activities before taxation                           (65)                     (57)

Tax on loss on ordinary activities                                       -                        -

Loss for the financial period                                         (65)                     (57)

Dividends                                                                -                        -

Retained loss for the financial period                                (65)                     (57)

Loss per share                                                 2      (0.82)p                  (0.72)p

Dividends per share                                            3         -                        -


Balance Sheet                                                  31 August 2002          31 August 2001
                                                                (unaudited)              (unaudited)
                                                                   £'000                    £'000
Fixed assets

Investments                                                          -                        -
                                                                     -                        -
Current assets

Debtors                                                              16                       20

Cash at bank and in hand                                             832                      1,034

                                                                     848                      1,054

Creditors: amounts falling due within one year                       (39)                     (25)

Net current assets                                                   809                      1,029

Net assets                                                           809                      1,029

Capital and reserves

Share capital                                                        159                      159

Share premium                                                        295                      295

Profit and loss account                                              355                      575

Total equity shareholders' funds                                     809                      1,029



Cash Flow Statement                                   6 months ended                        6 months ended
                                                      31 August 2002                        31 August 2001
                                                        (unaudited)                           (unaudited)
                                                        £'000              £'000              £'000              £'000
Net cash outflow from operating activities


                                                                           (79)                                  (127)
Returns on investments and servicing of
finance
Dividends received                                      -                                     -
Interest received                                       15                                    28
                                                                           15                                    28
Equity dividends paid                                                      -                                     -
Decrease in cash                                                           (64)                                  (99)



Notes to the Interim Statement


 1. Basis of preparation of the interim statement


    The profit and loss account, balance sheet and cash flow statement have been
    prepared on a basis consistent with the financial statements for the year
    ended 28 February 2002. A copy of the full financial statements for the year
    ended 28 February 2002, on which the auditors have issued an unqualified
    report, has been delivered to the Registrar of Companies. The financial
    information contained in the interim statement does not constitute statutory
    accounts within the meaning of section 240 of the Companies Act 1985. The
    turnover and operating loss all relate to continuing operations.


 2. Loss per share


    The loss per ordinary share calculation has been based on the losses
    attributable to ordinary shareholders of £65,000 (2001: £57,000), divided by
    7,945,638 (2001: 7,945,638) being the average of the issued share capital
    during the period.


    There is no difference between basic and diluted loss per share.


 3. 2002 interim dividend


    No interim dividend has been declared.


 4. Publication


        Copies of this statement will be circulated to all shareholders and will
        also be available from the Company's registered office at 2 Fitzhardinge
        Street, London W1H 6EE.



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