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General Industries (GNI)

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Thursday 02 December, 2004

General Industries

Interim Results

General Industries PLC
02 December 2004


                             GENERAL INDUSTRIES plc


           General Industries 'GI' announces its interim results for
                    the six months ended 30 September 2004.


Highlights:

   • Net cash of £992,683 (2003-£99,999)
   • Profit before taxation £8,383 (2003-Nil)
   • Earnings per share 0.16p (2003-Nil)

Chairman Richard Wollenberg said; 'We continue to investigate and carry out due
diligence on a number of companies'


For further information:

Richard Wollenberg        Chairman           01784-437444
Jonathan Marren           KBC Peel Hunt      0207-418-8911


Chairman's Statement

General Industries plc is quoted on AIM with a strategy to acquire one or more
growing, unquoted companies that wish to seek capital for expansion of their
business and a public market for their shares.

For the six months ended 30 September 2004, turnover was £nil (2003: £nil) and
profit before taxation was £8,383 (2003: £nil) which comprised interest from
cash on deposit of £21,812 less administrative expenses of £13,429. Profit after
taxation amounted to £6,790 (2003: £nil). Earnings per share was 0.16p (2003:
£nil).

The directors do not recommend payment of a dividend for the period (2003:
£nil).

During the period under review a number of potential acquisitions have been
assessed including companies in the self storage, leisure, property management,
medical and healthcare fields. Whilst some of these were potential reverse
candidates, your directors felt that the business plans considered did not meet
your directors' criteria. We continue to investigate and carry out due diligence
in other sectors and companies.

J Richard Wollenberg
Chairman
2 December 2004


Profit and Loss Account
for the six months ended 30 September 2004

                            6 months ended      6 months ended       13 months
                              30 September        30 September           ended
                                      2004                2003        31 March
                               (Unaudited)         (Unaudited)            2004
                                                                     (Audited)
                                         £                   £               £

Administrative expenses
being loss on ordinary
activities before interest         (13,429)                  -         (14,560)
Interest receivable and
similar income                      21,812                   -          16,960
                                   ---------           ---------       ---------

Profit on ordinary
activities before taxation           8,383                   -           2,400
Tax on profit on ordinary
activities                          (1,593)                  -          (1,023)
                                   ---------           ---------       ---------

Profit on ordinary
activities after taxation
being profit for the
financial period                     6,790                   -           1,377
                                   =========           =========       =========


                                 Pence per           Pence per       Pence per
                                     Share               Share           Share
Earnings per share
On profit for the period
Basic                                 0.16                   -            0.07
Diluted                               0.16                   -            0.07
                                   =========           =========       =========


The above results relate entirely to continuing activities. There were no
acquisitions or disposals of businesses in the period.

Balance Sheet
at 30 September 2004
                                              At 30          At 30       At 31
                                          September      September       March
                                               2004           2003        2004
                                        (Unaudited)    (Unaudited)   (Audited)
                                                  £              £           £
Current assets
Debtors                                           -              -       1,718
Cash at bank and in hand                    992,683         99,999     978,202
                                           ----------     ----------  ----------
                                            992,683         99,999     979,920
Creditors: amounts falling due within
one year                                     (7,513)             -      (1,540)
                                           ----------     ----------  ----------

Net current and net assets                  985,170         99,999     978,380
                                           ==========     ==========  ==========

Capital and reserves
Called up share capital                     420,000         50,000     420,000
Share premium account                       557,003         49,999     557,003
Profit and loss account                       8,167              -       1,377
                                           ----------     ----------  ----------

Shareholders' funds - equity                985,170         99,999     978,380
                                           ==========     ==========  ==========

Net assets per share                           23.5p          20.0p      100.0p
                                           ==========     ==========  ==========


Statement of cashflows
for the six months ended 30 September 2004
                                                Six           Six    Thirteen
                                          months 30     months 30   months 31
                                          September     September       March
                                               2004          2003        2004
                                        (Unaudited)   (Unaudited)   (Audited)
                                                  £             £           £

Net cash outflow from operating
activities                                   (7,331)            -     (15,761)
Returns on investment and servicing of
finance                                      21,812             -      16,960
                                             --------      --------    --------

Cash inflow before financing                 14,481             -       1,199
Financing                                         -        99,998     977,002
                                             --------      --------    --------

Increase in cash in the period               14,481        99,998     978,201
                                             ========      ========    ========


Reconciliation of Net Cashflow to Movement in Net Funds
for the six months ended 30 September 2004

                                    At 30 September At 30 September At 31 March
                                             2004            2003        2004
                                      (Unaudited)     (Unaudited)   (Audited)
                                                £               £           £

Increase in cash and movement in
net funds in the period resulting 
from cash flows                            14,481          99,998     978,201
Net funds at beginning of
period                                    978,202               1           1
                                           --------        --------    --------

Net funds at end of period                992,683          99,999     978,202
                                           ========        ========    ========

Reconciliation of Operating Loss to Net Cash Flow from Operating Activities
for the six months ended 30 September 2004

                                          Six               Six       Thirteen
                                    months 30         months 30      months 31
                                    September         September          March
                                         2004              2003           2004
                                  (Unaudited)       (Unaudited)      (Audited)
                                            £                 £              £

Operating loss                        (13,429)                -        (14,560)
Decrease/(increase) in debtors          1,718                 -         (1,718)
Increase in creditors                   4,380                 -            517
                                       --------          --------       --------

Net cash outflow from operating
activities                             (7,331)                -        (15,761)
                                       ========          ========       ========


Notes to the Financial Statements
for the six months ended 30 September 2004

1   Basis of preparation

The figures for the six months ended 30 September 2004, which were approved by
the board on 2 December 2004, are prepared on the same basis of accounting as
for the thirteen months ended 31 March 2004 and are unaudited.

The comparative figures for the 13 month financial period ended 31 March 2004
are not the company's statutory accounts for that financial period. Those
accounts have been reported on by the company's auditors and delivered to the
registrar of companies. The report of the auditors was unqualified and did not
contain a statement under section 237 (2) or (3) of the Companies Act 1985.

The company was incorporated on February 2000 and did not commence trading until
the company was listed on AIM in October 2003. Accordingly, the results for the
period ended 30 September 2003 are nil.

     
2   Dividends

As stated in the prospectus, the directors do not intend to pay any dividend
until completion of a significant acquisition. Following such an acquisition,
the directors will determine an appropriate dividend policy.

3   Taxation

The tax position for the six months is estimated on the basis of the anticipated
tax rates applying for the full year.

3                Reconciliation of Movements in Shareholders' Funds

                                        At 30             At 30          At 31
                                    September         September          March
                                         2004              2003           2004
                                  (Unaudited)       (Unaudited)      (Audited)
                                            £                 £              £

At beginning of period                978,380                 1              1
Profit after tax for the period         6,790                 -          1,377
Share premium on shares issued in
period                                      -            49,999        557,003
(net of expenses)
Shares issued in period                     -            49,999        419,999
                                      ---------        ----------      ---------
                                      985,170            99,999        978,380
                                      =========        ==========      =========




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