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Warthog PLC (WHOG)

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Tuesday 19 December, 2006

Warthog PLC

Interim Results

Warthog PLC
19 December 2006


                                   WARTHOG PLC

                                INTERIM RESULTS



Warthog plc (the 'Company'), today announces its interim results for the 6
months ended 30th September 2006.


Chairman's Statement

The un-audited accounts for the six months to 30th September 2006 show an
operating loss of £31,555. This loss represents the cost of maintaining the
Company along with its listing on the AIM market.

As has been previously announced, and confirmed by the resolution at the AGM on
9th November, the Company is following a strategy of conserving resources whilst
seeking the acquisition of a business of a scale, which would represent a
reverse takeover under the AIM Rules. The consideration for any such acquisition
would probably comprise principally the issue of new ordinary shares in the
Company.

Possible opportunities, in line with this strategy, continue to be actively
pursued by the Company in conjunction with its advisors.



Ian Templeton
Chairman

19 December 2006




Warthog PLC

Profit and Loss Account

Six months to 30th                            Unaudited   Unaudited     Audited
September 2006                               Six Months  Six Months  Year ended
                                                  ended       ended
                        Notes                  30/09/06    30/09/05    31/03/05
                                                      £           £           £

Turnover                                              -           -           -
Cost of Sales                                         -           -           -
Exceptional Costs         2                           -           -           -
                                             ___________________________________
Gross Loss                                            -           -           -

Other operating                                  31,555      37,906     118,629
expenses (net)
                                             ___________________________________
Operating Loss                                  (31,555)    (37,906)   (118,629)

Diminution in value of                                -  (2,475,648) (3,888,885)
investments
                                                      -           -           -
Profit on sale of
discontinued
Operations                                          
Profit on sale of                                    
intellectual property                                 -           -           -
                                             ___________________________________

Loss on ordinary
activities before
interest                                        (31,555) (2,513,554) (4,007,514)

Investment income                                 1,729           0       6,839

Interest payable                                      0           0           0
                                             ___________________________________
Loss on ordinary                                (29,826) (2,513,554) (4,000,675)
activities before
taxation

Taxation                 1                            0           0           0

Retained profit/(loss)                          (29,826) (2,513,554) (4,000,675)
for the year                                 ===================================

Earnings per ordinary    3                       (0.01)p     (0.72)p     (1.19)p
share - basic
Earnings per ordinary    3                       (0.01)p     (0.72)p     (1.19)p
share - diluted



Balance Sheet

30th September 2006                        Unaudited    Unaudited      Audited
                                  Notes     30/09/06     30/09/05     31/03/06
                                                   £            £            £
Fixed Assets
Intangible fixed assets                            -            -            -
Tangible assets                                    -            1            -
Investments                                        -    1,413,236            -
                                         _______________________________________
                                                   -    1,413,237            -

Current Assets
Debtors                                            -      182,137            -
Cash at bank and in hand                     157,210       71,906      179,391
                                         _______________________________________
                                             157,210      254,043      179,391

Creditors: Amounts falling due              (31,417)     (24,540)     (23,772)
within one year                          _______________________________________

Net current assets                           125,793      229,503      155,619
                                         _______________________________________
Total assets less current                    125,793    1,642,740      155,619
liabilities

Creditors: Amounts falling due
after more than one year                           -            -            -

Provisions for liabilities and                     -            -            -
charges
                                         _______________________________________
                                             125,793    1,642,740      155,619
                                         =======================================
Capital and reserves
Called up share capital                    3,478,821    3,478,821    3,478,821
Contingent share capital                           -            -            -
Share premium account                      9,555,365    9,555,365    9,555,365
Merger reserve                                     -            -            -
Profit and loss account           4      (12,908,393) (11,391,446) (12,878,567)
                                         _______________________________________  
                                             125,793    1,642,740      155,619
                                         =======================================



Consolidated cash flow statement           Unaudited      Unaudited     Audited
                                          Six Months     Six Months  Year ended
                                      ended 30/09/06 ended 30/09/05    31/03/06
                                                   £              £           £

Cash flow from operating activities  5       (22,181)       (41,484)     59,162

Returns on investment and servicing                0              0       6,839
of finance

Taxation                                           0              0          0

Capital expenditure and financial                  0              0          0
investment

Acquisitions and disposals of                      0              0          0
subsidiaries                               _____________________________________

Cash outflow before financing                (22,181)       (41,484)    66,001

Financing                                          0              0          0
                                           _____________________________________
Decrease in cash in the period               (22,181)       (41,484)    66,001
                                           =====================================

Notes to the interim accounts for the period to 30th September 2006


1 The interim report was approved by the directors on 19 December 2006. This
interim report has not been audited.

The interim report has been prepared using the accounting policies set out in
the Company's statutory accounts for the year ended 31st March 2006.

The results for the year ended 31st March 2006 are abridged from the 2006 annual
report and accounts which received an unqualified auditors' report and which
have been filed with the Registrar of Companies.

The financial information presented does not constitute statutory accounts
within the meaning of s240 CA85.

2 The taxation charge for the period is analysed as follows:

                                         Six Months      Six Months   Year ended
                                     ended 30/09/06  ended 30/09/05     31/03/06
                                                  £               £            £
Current Tax
UK Corporation Tax charge for the                 0               0            0
period
Foreign Tax                                       0               0            0
Adjustments in respect of previous                0               0            0
periods
                                      __________________________________________
                                                  0               0            0
Deferred Tax
Origination of timing differences                 0               0            0
                                      __________________________________________
                                                  0               0            0
                                      ==========================================

3 Earnings per share

Earnings per share for the half year ended 30th September 2006 have been
calculated using the number of shares in issue throughout the six months to 30th
September 2006, being 347,882,123. Diluted earnings per share are the same as
basic earnings in view of the loss for the period.

4 The movement in shareholder funds is analysed as follows:

                                            Six Months     Six Months Year ended
                                        ended 30/09/06 ended 30/09/05   31/03/06
                                                     £              £          £

Loss for the financial period                  (29,826)    (2,513,554)(4,000,675)

Translation gain on foreign                          0              0          0
currency net investments

Proceeds from the issue of shares                    0              0          0

Contingent share capital                             0              0          0

Net reduction to shareholders'                 (29,826)    (2,513,554)(4,000,675)
funds

Opening shareholders' funds                      155,619   4,156,294   4,156,294

                                                 125,793   1,642,740     155,619

5 Reconciliation of operating loss to net cash flow from operating
activities

                                    Six Months   Six Months    Year ended
                                  ended 30/09/ ended 30/09/      31/03/06
                                            06           05
                                             £            £             £

Operating loss                        (29,826)  (2,513,554)     (118,629)
Depreciation and amortisation                0            0             0
Diminution in the value of                   -  (2,475,648)             -
investments
Decrease in stocks                           0            0             0
(Increase)/Decrease in debtors               0        3,922       186,059
Increase/(Decrease) in creditors          7645      (7,500)       (8,268)
Other non cash movements                     -            -             -
                                   ______________________________________
Net cash flow from operating           (22,181)     (41,484)       59,162
activities                         ======================================




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                GGLC                                                                                                                                                                                                                                                           

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