Interim Results

Panther Securities PLC
26 September 2000


         Results for the Six Months to 30 June 2000

                    CHAIRMAN'S STATEMENT


Introduction

I  am  pleased to present the interim figures  for  the  six
months  to  30 June 2000.  Whilst in this half-year  pre-tax
profit  was £1,118,000 compared to £1,630,000 for  the  same
period  last  year,  the  previous  half-year  included  the
£812,000 reverse premium received on the surrender of leases
at Elmbank Chambers, Glasgow.

Rents  received during this period increased from £2,128,000
to  £2,628,000.  This increase arises, in the main, from the
inclusion  of  the Northstar Group acquired  in  June  1999.
Additional   rents  from  some  of  our  recent  significant
lettings do not come on stream until the second half.

Main Events

As previously reported, Malcolm Bloch retired from our Board
and  active business life on 31 March 2000.  After receiving
shareholders'  approval  at our EGM  in  July,  the  company
purchased  his  personal shareholding of 1,065,307  ordinary
shares  at  £1.20  per share.  These shares  were  cancelled
shortly  after the EGM and has the effect of increasing  net
asset  value of each share by approximately 4p.  This   will
be reflected in the year end Balance Sheet.

Panther House Redevelopment

Progress  on  the redevelopment proposals for  our  site  is
proceeding  slowly.  The properties are  enjoying  both  the
highest  occupancy levels ever experienced and  considerably
higher  levels  of  rents.  We are  currently  discussing  a
potential  sale  of  the site with interested  parties  and,
should   a  sale  take  place,  it  would  be  at  a   price
significantly higher than its last professional valuation in
March 2000.

Bristol Redevelopment

I  am  pleased to say that it appears that our scheme for  a
100,000 sq ft supermarket and ancillary shopping development
at  Bristol  will  be   approved by the  Department  of  the
Environment for the grant of full planning permission.  This
would  be  beneficial and allow us to proceed  with  a  full
marketing campaign.

We  hold  a  long lease on approximately half  of  the  site
required  for the development and we are currently in  talks
with the Local Authority, which owns the remaining area.  It
has  always been enthusiastic and supportive of this  scheme
and  we  hope  to  be able to make progress once  the  major
hurdle of obtaining Planning Permission has been passed.

Elmbank Chambers, Glasgow

In  my last Statement I reported that we were offering  this
property  for sale.  It is now under offer at  a  figure  in
excess  of  book value and it is anticipated that  contracts
will  be  exchanged  shortly, subject to  structural  survey
only.

Wynnstay Properties PLC

After  the  half-year we were approached by a large  private
property company who wished to acquire our 29.9% holding  in
Wynnstay.   Accordingly,  within 24  hours  terms  had  been
agreed  and  the shares sold, realising a total slightly  in
excess  of £1,600,000.  This represented a surplus of almost
£400,000 over cost.

Other Investments

In  my  last  Chairman's Statement I mentioned that  we  had
invested  approximately  £1,000,000  in  shares  in   quoted
property  companies.   As these investments  for  accounting
purposes are included in stock,  no enhancement of the value
is  recorded  in  these results.  I am  pleased  to  report,
however,  that  their current market value is  approximately
40% in excess of cost and, even at current values, I believe
they still represent a good investment.

New Property Acquisitions

In  August  2000 we acquired at auction The Old  Inn  House,
High  Street,  Sutton,  Surrey which  is  a  freehold  fully
occupied  shop and air conditioned office building producing
£230,000  per  annum  exclusive.   We  paid  £1,800,000  and
believe there is potential rental growth in this property.

At the same auction we purchased the freehold of three shops
with  six  flats above in Cheam, Surrey for  £400,000.   The
flats  and  shops will be sold off separately in due  course
and should show useful trading profits.

Dividends

An  interim dividend of 3p per share (compared to  2.5p  per
share  last year) will be paid on 3 November 2000 and it  is
your  Board's intention to recommend a final dividend of  at
least 3p per share.

Prospects

Whilst  the overall property market does not seem as buoyant
as  it  was, there is still an active letting and investment
market and we are maintaining substantial cash balances  for
any special opportunities that may occur.



Andrew S. Perloff
Chairman                                     26 September 2000



 Panther Securities P.L.C.

                    UNAUDITED INTERIM CONSOLIDATED RESULTS
                    for the six months ended 30th June 2000

                                 Six months to    Six months to    Year ended
                                     30th June        30th June 31st December
                                          2000             1999          1999
                           Notes    (Unaudited)      (Unaudited)     (Audited)
                                          £000             £000          £000

Turnover                                 2,903            2,950         5,861
Cost of sales                             (540)            (463)         (997)
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Gross profit                             2,363            2,487         4,864
Administrative expenses                   (348)            (342)       (1,346)
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Operating Operating profit                         2,015            2,145     
   3,518
Profit on sale of investment
 property                                   50                -           153
Income from participating
 interests                                  24              129            64
Interest receivable                        247              155           242
Interest payable                        (1,218)            (799)       (1,921)
------------------------------------------------------------------------------

Profit on ordinary activities
 before taxation                         1,118            1,630         2,056 
Taxation                                  (308)            (329)         (503)
------------------------------------------------------------------------------

Profit on ordinary activities
 after taxation                            810            1,301         1,553
Minority interests                          (5)              (4)           (9)
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Profit attributable to members
 of the parent undertaking                 805            1,297         1,544
Dividends                        3        (509)            (452)       (1,085)
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Retained profit for the year               296              845           459
Transfer from revaluation reserve            -                -           805
Purchase of own shares                     (25)               -           (41)
Retained profit brought forward          9,738            8,515         8,515
------------------------------------------------------------------------------

Retained profit carried forward         10,009            9,360         9,738
------------------------------------------------------------------------------

Earnings per share- basic        4         4.5p             7.2p          8.6p


Notes:

1. Results
     The  six months results have been prepared on the historical cost  basis,
     modified  to  include the revaluation of fixed asset land and  buildings,
     although  no further revaluation has been undertaken on any part  of  the
     property  portfolio since results were last reported.  They are unaudited
     and  do  not constitute statutory accounts within the meaning of  section
     240 of the Companies Act 1985.

2.   Accounts
     The  figures for the year to 31st December 1999 have been extracted  from
     the  statutory  accounts  which have been  reported  on  by  the  Group's
     auditors  and  have  been delivered to the Registrar  of Companies.   The
     auditor's report was unqualified and did not contain any statement  under
     section 237(2),(3) or (4) of the Companies Act 1985.

3.   Dividends
     An    interim   dividend  of 3p per ordinary share will be  paid  on  3rd
     November 2000 to shareholders on the Register on 2nd October 2000.

4.   Earnings per share
     Earnings  per  ordinary share have been calculated on profit attributable
     to  members  of  the  holding  company and on 18,059,548  (June  1999  -
     18,094,164) ordinary shares being the weighted average number of ordinary
     shares in issue throughout the six months ended 30th June 2000.

5.   Copies  of  this  report  are  to be sent to  all  shareholders  and  are
     available from the Company's registered office at Panther House, 38 Mount
     Pleasant, London WC1X 0AP.

                           Panther Securities P.L.C.

                     UNAUDITED CONSOLIDATED BALANCE SHEET
                             as at 30th June 2000

                                     30th June        30th June 31st December
                                          2000             1999          1999
                                    (Unaudited)      (Unaudited)     (Audited)
                                          £000             £000          £000

Fixed assets                                           
Intangibles                                  -             (125)            -
Tangibles                               51,257           48,203        51,136 
Investments                              1,737            1,399         1,707
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                                        52,994           49,477        52,843 
------------------------------------------------------------------------------

Current assets
Stock                                    5,811            4,833         4,812
Debtors                                  1,468            1,713           788
Cash at bank and in hand                 7,083            3,363         7,687
------------------------------------------------------------------------------
                                        14,362            9,909        13,287

Current liabilities

Creditors:
Amounts falling due within
 one year                               (3,773)          (5,753)       (2,761)
------------------------------------------------------------------------------
Net current assets                      10,589            4,156        10,526 
------------------------------------------------------------------------------
                                
Total assets less current
 liabilities                            63,583           53,633        63,369

Creditors:
Amounts falling due after
 more than one year                    (30,319)         (24,153)      (30,379)
------------------------------------------------------------------------------
                                        33,264           29,480        32,990
                                        
Minority interests                        (113)            (135)         (115)
------------------------------------------------------------------------------

Net assets                              33,151           29,345        32,875
------------------------------------------------------------------------------


Capital and reserves
Share capital                            4,510            4,524         4,515 
Revaluation reserve                     14,384           11,297        14,384
Profit and loss account                 10,009            9,360         9,738
Share premium account                    2,859            2,856         2,859
Negative goodwill reserve                1,103            1,037         1,098
Capital redemption reserve                 286              271           281
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Shareholders' funds                     33,151           29,345        32,875
------------------------------------------------------------------------------
Net assets per share                     183.7p           162.2p        182.0p