Adeste Investments PLC

Interim Results


FOR IMMEDIATE RELEASE 28 July 2006

                            ADESTE INVESTMENTS PLC                             

               INTERIM REPORT FOR THE PERIOD TO 3OTH APRIL 2006                

CHAIRMAN'S STATEMENT

The Board present their interim statement for the six months ended 30 April
2006.

RESULTS

The interim results to 30th April 2006 give a pre-tax loss of £189,271 which
amount to loss per share of 0.26p.

The board do not recommend the payment of a dividend.

BUSINESS ACTIVITY

In January 2006 the company obtained judgement against Mr Jafari-fini for a sum
in excess of £1,000,000 for the non payment for some of his shares in Phoenix
Acquisitions Limited. The enforcement of this judgement has been stayed.

Although the assets of the company are either held at cost or have been written
down in the opinion of the directors they expect a return above there current
valuation.

The share holding in UV Modular Limited is currently held at cost of £33,789.
The directors are expecting to receive from the disposal of the companies
holding a sum of £350,000.

The directors also expect to recover a sum from Mr Christopher Burr's post
bankruptcy in relation to his guarantying the loan to Uvine.com and are
concentrating on the existing other loans in an effort to maximise the return
for its shareholders.

CONTINUING OPERATIONS

The board is currently looking at a number of proposals and will seek if
required shareholder approval.

ADESTE INVESTMENTS PLC

PROFIT AND LOSS ACCOUNT

                                     Notes   Six months  Six months     Year    
                                                Ended       Ended        to     
                                             30th April  30th April     31st    
                                                2006        2005       October  
                                             (unaudited)                2005    
                                                         (unaudited)            
                                                                      (audited) 
                                                                                
                                                  £           £           £     
                                                                                
TURNOVER                                           6,716      25,121     101,550
                                                                                
Direct costs                                       (975)   (464,224)   (139,586)
                                                                                
Other operating expenses - other               (152,039)    (79,649) (7,901,368)
                                                                                
Other operating expenses -                             -      22,658    (29,163)
exceptional                                                                     
                                                                                
OPERATING PROFIT/(LOSS)                        (146,298)   (496,094) (7,968,567)
                                                                                
Interest receivable                                  667       1,950       1,973
                                                                                
Interest payable                                (43,640)           -     (4,829)
                                                                                
PROFIT/(LOSS) ON ORDINARY                      (189,271)   (494,144) (7,971,423)
ACTIVITIES BEFORE TAXATION                                                      
                                                                                
Taxation                                               -           -           -
                                                                                
PROFIT/(LOSS) ON ORDINARY                      (189,271)   (494,144) (7,971,423)
ACTIVITIES AFTER TAXATION                                                       
                                                                                
Dividends                                              -           -           -
                                                                                
RETAINED PROFIT/(LOSS) FOR THE                 (189,271)   (494,144) (7,071,423)
PERIOD                                                                          
                                                                                
Earnings/(loss) per share                                                       
                                                                                
Basic                              4             (0.26p)     (0.69p)    (11.07p)
                                                                                
Diluted                            4             (0.26p)     (0.69p)    (11.07p)
                                                                                
The operating profit/(loss) for the period arises from the group's continuing   
operations.                                                                     

ADESTE INVESMENTS PLC

BALANCE SHEET

                                   Notes   Six months   Six months      Year    
                                             Ended        Ended          to     
                                           30th April   30th April  31st October
                                             2006          2005         2005    
                                          (unaudited)                           
                                                       (unaudited)   (audited)  
                                                                                
                                               £            £            £      
                                                                                
FIXED ASSETS                                                                    
                                                                                
Investments                                     33,789       33,789       33,789
                                                                                
                                                33,789       33,789       33,789
                                                                                
CURRENT ASSETS                                                                  
                                                                                
Debtors                                              -            -      209,578
                                                                                
Loans due within on year                             -      299,785       58,998
                                                                                
Cash at bank and in hand                       215,686      100,398       36,439
                                                                                
                                               215,686      400,183      305,015
                                                                                
CREDITORS                                                                       
                                                                                
Amounts falling due within one               (873,661)  (7,946,650)    (805,951)
year                                                                            
                                                                                
NET CURRENT(LIABILITIES)/ASSETS              (657,975)  (7,546,467)    (500,936)
                                                                                
TOTAL ASSETS LESS CURRENT                    (624,186)  (7,512,678)    (467,147)
LIABILITIES                                                                     
                                                                                
CREDITORS                                                                       
                                                                                
Amounts falling due after more             (7,286,782)            -  (7,254.550)
than one year                                                                   
                                                                                
NET (LIABILITIES)/ASSETS                   (7,910,968)  (7,512,678)  (7,721,697)
                                                                                
CAPITAL AND RESERVES                                                            
                                                                                
Called up share capital                      1,440,519    1,440,519    1,440,519
                                                                                
Share premium account                        2,890,013    2,890,013    2,890,013
                                                                                
Revaluation reserve                                  -            -            -
                                                                                
Profit and loss accounts                  (12,241,500) (11,843,210) (12,052,229)
                                                                                
EQUITY SHAREHOLDERS' FUNDS                 (7,910,968)  (7,512,678)  (7,721,697)

ADESTE INVESTMENTS PLC

CASH FLOW STATEMENT

                                    Notes   Six months  Six months     Year    
                                              Ended        Ended        to     
                                            30th April  30th April     31st    
                                              2006         2005       October  
                                           (unaudited)                 2005    
                                                        (unaudited)            
                                                                     (audited) 
                                                                               
                                                £            £           £     
                                                                               
Net cash inflow/(outflow) from        5       (286,036)      57,937   (109,223)
operating activities                                                           
                                                                               
Returns on investments and            6             667       1,950       1,973
servicing of finance                                                           
                                                                               
CASH INFLOW/(OUTFLOW) BEFORE                  (285,369)      59,887   (107,250)
FINANCING                                                                      
                                                                               
Financing                             7         464,616    (91,658)     110,000
                                                                               
INCREASE/(DECREASE) IN CASH IN THE              179,247    (31,771)       2,750
PERIOD                                                                         

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEBT)/ FUNDS

                                    Notes   Six months  Six months     Year    
                                              Ended        Ended        to     
                                            30th April  30th April     31st    
                                              2006         2005       October  
                                           (unaudited)                 2005    
                                                        (unaudited)            
                                                                     (audited) 
                                                                               
                                                £            £           £     
                                                                               
(Decrease)/increase in cash in the              179,247    (31,771)       2,750
year                                                                           
                                                                               
Cash (inflow)/outflow from increase           (464,616)      91,658   (110,000)
in debt                                                                        
                                                                               
CHANGE IN NET (DEBT)/FUNDS                    (285,369)      59,887   (107,250)
RESULTING FROM CASH FLOWS                                                      
                                                                               
Accrued loan interest and amortised            (43,640)   (442,194) (7,204,829)
loan finance costs                                                             
                                                                               
MOVEMENT IN NET (DEBT)/FUNDS IN THE           (329,009)   (382,307) (7,312,079)
PERIOD                                                                         
                                                                               
NET FUNDS AT 1 NOVEMBER 2005                (7,278,390) (6,667,605)      33,689
                                                                               
NET FUNDS AT 30 APRIL 2006                  (7,607,399) (7,049,912) (7,278,390)

ADESTE INVESTMENTS PLC

RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

                                    Notes   Six months  Six months     Year    
                                              Ended        Ended        to     
                                            30th April  30th April     31st    
                                              2006         2005       October  
                                           (unaudited)                 2005    
                                                        (unaudited)            
                                                                     (audited) 
                                                                               
                                                £            £           £     
                                                                               
Profit/(loss) for the period                  (189,271)   (494,144) (7,971,423)
                                                                               
Net addition to equity                        (189,271)   (494,144) (7,971,423)
shareholders' funds                                                            
                                                                               
Opening equity shareholders' funds          (7,721,697) (7,018,534)     249,726
                                                                               
Closing equity shareholders' funds          (7,910,968) (7,512,678) (7,721,697)

ADESTE INVESTMENTS PLC

NOTES TO THE INTERIM REPORT

1 The financial information contained in this interim report does not
constitute statutory accounts. The interim accounts, which have not been
audited, have been prepared using accounting policies consistent with those
used in the preparation of the accounts for the period ended 31 October 2005.
Those accounts have been filed with the Registrar of Companies. The interim
accounts were approved by the directors on 26th July 2006.

2 Taxation for the six months to 30 April 2006 is based on the effective rate
of taxation which is estimated to apply for the year ended 31 October 2006.

3 The directors do not recommend the payment of a dividend.

4 The basic and diluted earnings per share are based on the profit/(loss) on
ordinary activities after taxation of the company attributable to ordinary
shareholders and on 72,025,963 being the weighted average number of ordinary
shares in issue during the period.

The diluted earnings per share have been calculated in accordance with FRS14
"Earnings per share"

5 Reconciliation of operating profit/(loss) to net cash flow from operating
activities

                                    Notes   Six months  Six months     Year    
                                              Ended        Ended        to     
                                            30th April  30th April     31st    
                                              2006         2005       October  
                                           (unaudited)                 2005    
                                                        (unaudited)            
                                                                     (audited) 
                                                                               
                                                £            £           £     
                                                                               
Operating profit/(loss)                     (146,298)    (496,094)  (7,968,567)
                                                                               
Non-cash changes to long term debt              -         442,194    7,200,000 
                                                                               
Decrease/(Increase) in debtors               209,578     (375,290)   (187,407) 
                                                                               
Decrease/(Increase) in loans                  58,998      464,956     706,743  
                                                                               
Increase/(Decrease) in creditors            (408,314)     22,171      140,008  
                                                                               
Net cash flow from operating                (286,036)     57,937     (109,223) 
activities                                                                     

6 Returns on investments and servicing of finance

Interest received                              667        1,950        1,973   
                                                                               
Interest paid                                   -           -            -     
                                                                               
Net cash inflow from returns on                667        1,950        1,973   
investments and servicing of                                                   
finance                                                                        

7 Financing

                                    Notes   Six months  Six months     Year    
                                              Ended        Ended        to     
                                            30th April  30th April     31st    
                                              2006         2005       October  
                                           (unaudited)                 2005    
                                                        (unaudited)            
                                                                     (audited) 
                                                                               
                                                £            £           £     
                                                                               
Issue of ordinary shares                        -            -           -     
                                                                               
Expenses paid in connection with                -            -           -     
share issue                                                                    
                                                                               
Increase/(Decrease) in loans                 464,616     (91,658)     110,000  
                                                                               
Net cash inflow from financing               464,616     (91,658)     110,000  

8 Analysis of net funds

                                      At                   other        At     
                                                                               
                                    1st Nov               non cash  30th April 
                                                                               
                                     2005      Cashflow   changes      2006    
                                                                               
                                       £          £          £           £     
                                                                               
Cash at bank and in hand            36,439     179,247       -        215,686  
                                                                               
                                    36,439     179,247       -        215,686  
                                                                               
Loans due within one year          (60,279)    464,616    (11,408)   (536,303) 
                                                                               
Loans due after one year          (7,254,550)     -       (32,232)  (7,286,782)
                                                                               
                                  (7,278,390) (285,369)   (46,640)  (7,607,399)

Other non-cash changes comprise accrued loan interest.

9 This interim report will be sent to all shareholders and is also available
from the company's registered office at 43 North Audley Street, London, WIK
6WH.