Interim Results

Highway Capital PLC
28 November 2003

                              HIGHWAY CAPITAL PLC


INTERIM REPORT 2003


Chairman's Statement


In common with many other 'shell' companies we have tried but found it hard to
attract a suitable company to reverse into us whilst the likelihood of raising
funds remained poor. In short, we had a product that no one wanted. We believe
that is now changing.


There are indications that positive investor sentiment has returned to the
market after a two year absence. And we are cautiously hopeful that this will
present opportunities for shell companies such as ours.


Your board will continue to seek opportunities to maximise the value of the
company and I very much hope that I will be able to provide positive news in the
coming months.


Dominic Wheatley

Chairman


28 November 2003



Profit and Loss Account                                                         6 months ended           6 months ended

                                                                                31 August 2003           31 August 2002

                                                                                   (unaudited)              (unaudited)
                                                             Notes
                                                                                         £'000                    £'000
Turnover                                                                                   20                        -

Administration expenses                                                                   (74)                     (80)

Operating loss                                                                            (54)                     (80)

Income from fixed asset investments                                                          -                        -

Interest receivable                                                                         11                       15

Loss on ordinary activities before taxation                                               (43)                     (65)

Tax on loss on ordinary activities                                                           -                        -

Loss for the financial period                                                             (43)                     (65)

Dividends                                                                                    -                        -

Retained loss for the financial period                                                    (43)                     (65)

Loss per share                                                      2                  (0.54)p                  (0.82)p

Dividends per share                                                 3                        -                        -



Balance Sheet                                                                  31 August 2003           31 August 2002

                                                                                  (unaudited)              (unaudited)

                                                                                        £'000                    £'000
Fixed assets                                                                                

Investments                                                                                -                        -

                                                                                           -                        -

Current assets                                                                             

Debtors                                                                                    11                       16

Cash at bank and in hand                                                                  733                      832

                                                                                          744                      848

Creditors: amounts falling due within one year                                           (28)                     (39)

Net current assets                                                                        716                      809

Net assets                                                                                716                      809

Capital and reserves

Share capital                                                                             159                      159

Share premium                                                                             295                      295

Profit and loss account                                                                   262                      355

Total equity shareholders' funds                                                          716                      809



Cash Flow Statement                                   6 months ended                        6 months ended

                                                      31 August 2003                        31 August 2002

                                                        (unaudited)                           (unaudited)
                                                        £'000              £'000              £'000              £'000

Net cash outflow from operating activities                                  (50)                                  (79)


                                                                            
Returns on investments and servicing of
finance

Dividends received                                          -                                     -

Interest received                                          11                                    15
                                                                              11                                    15

Equity dividends paid                                                          -                                     -

Decrease in cash                                                            (39)                                  (64)




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 2003. A copy of the full financial statements for the year
    ended 28 February 2003, 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. There
    are no acquired or discontinued operations in the above two financial
    periods.


 2. Loss per share


    The loss per ordinary share calculation has been based on the losses
    attributable to ordinary shareholders of £43,000 (2002: £65,000), divided by
    7,945,638 (2002: 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. 2003 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.




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