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General Industries (GNI)

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Wednesday 30 November, 2005

General Industries

Interim Results

General Industries PLC
30 November 2005


                             General Industries plc
            Interim Results for the six months ended 30 September 2005
                           Registered number 03929567

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 2005, turnover was £nil (2004: £nil).
Profit before taxation was £8,813 (2004: £8,383) and comprised interest from
cash on deposit of £23,550 (2004: £21,812) less administrative expenses of
£14,737 (2004: £13,429). Profit after taxation amounted to £7,907 (2004:
£6,790). Earnings per share was 0.19p (2004: £0.16p).

The directors do not recommend a dividend.

During the period under review further potential acquisitions were analysed
including companies in the debt factoring, recruitment, telecommunications and
pharmaceutical fields. In one case the potential candidate proceeded with its
own IPO at a higher capital value than that attributed by your Directors. We
continue to analyse and investigate other suitable acquisitions.

The rating of smaller companies quoted on the Alternative Investment Market has
suffered a setback over recent months and it is therefore important to value
potential acquisitions at realistic levels.

J Richard Wollenberg
Chairman

30 November 2005

Profit and Loss Account
for the six months ended 30 September 2005

                                         Six months     Six months        Year
                                       30 September   30 September    31 March
                                               2005           2004        2005
                                        (Unaudited)    (Unaudited)   (Audited)
                                                  £              £           £

Administrative expenses being loss on
ordinary activities before interest         (14,737)       (13,429)    (28,774)
Interest receivable and similar income       23,550         21,812      45,411
                                            ---------      ---------    --------
                                    
Profit on ordinary activities before
taxation                                      8,813          8,383      16,637
Tax on profit on ordinary activities           (906)        (1,593)     (1,576)
                                            ---------      ---------    --------
                                    
Profit on ordinary activities after
taxation being profit for the
financial period                              7,907          6,790      15,061
                                            =========      =========    ========
                                                   
Earnings per share
On profit for the period
Basic                                          0.19           0.16        0.36
Diluted                                        0.18           0.16        0.36
                                            =========      =========    ========

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

Balance Sheet
at 30 September 2005

                                              At 30          At 30       At 31
                                          September      September       March
                                               2005           2004        2005
                                        (Unaudited)    (Unaudited)   (Audited)
                                                  £              £           £
Current assets
Debtors                                       2,456              -       1,806
Cash at bank and in hand                  1,010,244        992,683   1,005,312
                                            ---------      ---------    --------
                                                   
                                          1,012,700        992,683   1,007,118
Creditors: amounts falling due within
one year                                    (11,352)        (7,513)    (13,677)
                                          ---------      ---------    --------
                                                   
Net current and net assets                1,001,348        985,170     993,441
                                          =========      =========    ========
                                                   
Capital and reserves
Called up share capital                     420,000        420,000     420,000
Share premium account                       557,003        557,003     557,003
Profit and loss account                      24,345          8,167      16,438
                                          ---------      ---------    --------
                                                  
Shareholders' funds - equity              1,001,348        985,170     993,441
                                          =========      =========    ========
                                                   
Net assets per share                           23.8p          23.5p       23.7p
                                           =========      =========    ========

Cash Flow Statement
for the six months ended 30 September 2005

                                         Six months     Six months        Year
                                        30September   30 September    31 March
                                               2005           2004        2005
                                        (Unaudited)    (Unaudited)   (Audited)
                                                  £              £           £

Cash outflow from operating activities      (16,570)        (7,331)    (18,301)
Returns on investment and servicing of
finance                                      23,550         21,812      45,411
Taxation                                     (2,048)             -           -
                                            ---------      ---------    --------
                                                  ---            ---         ---
Cash inflow before financing                  4,932         14,481      27,110
Financing                                         -              -           -
                                            ---------      ---------    --------
                                                  
Increase in cash in the period                4,932         14,481      27,110
                                            =========      =========    ========

Reconciliation of Net Cash Flow to Movement in Net Funds

                                        Six months     Six months        Year
                                      30 September   30 September    31 March
                                              2005           2004        2005
                                       (Unaudited)    (Unaudited)   (Audited)
                                                 £              £           £
Increase in cash and movement in net
funds in the period resulting from
cash flows                                   4,932         14,481      27,110
Net funds at beginning of period         1,005,312        978,202     978,202
                                           ---------      ---------    --------
                                                 
Net funds at end of period               1,010,244        992,683   1,005,312
                                           =========      =========    ========

Reconciliation of Operating Loss to Net Cash Flow from Operating Activities
for the six months ended 30 September 2005
                                   Six months        Six months           Year
                                 30 September      30 September       31 March
                                         2005              2004           2005
                                  (Unaudited)       (Unaudited)      (Audited)
                                            £                 £              £

Operating loss                        (14,737)          (13,429)       (28,774)
(Increase)/decrease in debtors           (649)            1,718            (88)
(Decrease)/increase in creditors       (1,184)            4,380         10,561
                                      ---------         ---------       --------
                                      (16,570)           (7,331)       (18,301)
                                      =========         =========       ========

Notes to the Financial Statements
for the six months ended 30 September 2005

1      Basis of preparation

The figures for the six months ended 30 September 2005, which were approved by
the board on ** November 2005, are prepared on the same basis of accounting as
for the year ended 31 March 2005 and are unaudited.

The comparative figures for the financial year ended 31 March 2005 are not the
company's statutory accounts for that financial year. Those accounts have been
reported on by the company's auditors and delivered to the registrar of
companies. The report of the auditors was (i) unqualified, (ii) did not include
a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report and (iii) did not contain a statement
under section 237(2) or (3) of the Companies Act 1985.

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.

Reconciliation of Movement in Shareholders' Funds

                                        At 30             At 30          At 31
                                    September         September          March
                                         2005              2004           2005
                                  (Unaudited)       (Unaudited)      (Audited)
                                            £                 £              £

At beginning of period                993,441           978,380        978,380
Profit after tax for the period         7,907             6,790         15,061
                                      ---------         ---------       -------- 
                                    1,001,348           985,170        993,441
                                      =========         =========       ========




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