RNS Number:1602W
Ashpol PLC
23 December 2005



Group income statement (unaudited)


                                                                       Half year to             Period ended
                                                                       28 September                 24 March
                                                                                                    Restated
                                                           Note                2005                     2005
                                                                              #'000                    #'000



Gross property income                                                         2,483                    3,537


Property outgoings                                                            (260)                    (133)


Net Property income                                                           2,223                    3,404


Administrative costs                                                          (279)                    (299)


                                                                              1,944                    3,105


Profit on disposals of investment properties                                 32,031                    4,488


Profit on disposal of subsidiary undertaking                                      -                    1,507


Other income                                                                      -                        -


Operating Profit                                                             33,975                    9,100


Finance income                                                                  746                      487


Finance costs                                                               (4,516)                  (2,723)


Profit before taxation                                                       30,205                    6,864


Income tax                                                  1                     -                    (265)


Profit for the period                                                        30,205                    6,599


Basic earnings per share                                                     40.94p                    8.94p


All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
Changes in equity during the period are the profit for the period.



Group balance sheet (unaudited)
                                                                        Half year to          Period ended
                                                                        28 September              24 March
                                                                                                  Restated
                                                                                2005                  2005
                                                                               #'000                 #'000
Assets
Non-current assets
Investment properties                                       2                100,882                94,675
     

Current assets
Cash and cash equivalents                                                     41,026                23,234
Other current assets                                                          18,122                12,032


                                                                              59,148                35,266


Total  assets                                                                160,030               129,941


Liabilities
Current liabilities
Bank loans and overdrafts                                                          -                     -
Other current liabilities                                                    (7,413)               (7,293)
Income tax                                                                     (293)                 (961)


                                                                             (7,706)               (8,254)
Non-current liabilities
10 3/4 % 1st Mortgage  Debenture Stock                                      (75,000)              (75,000)
10% Cumulative Preference shares of #1                                       (1,062)                     -
5 3/4% Convertible Preference shares of #1                                  (31,815)                     -


                                                                           (107,877)              (75,000)


Total liabilities                                                          (115,583)              (83,254)

                                                                              44,447                46,687
Net assets

Equity
Share capital                                                                 15,565                48,010
Share premium                                                                  7,069                 7,069
Other reserves                                                                    42                    42
Retained Profit/(loss)                                                        21,771               (8,434)


Total shareholders' funds                                                     44,447                46,687





Group cash flow statement (unaudited)

                                                              Half year to              Period ended
                                                              28 September                  24 March
                                                                                            Restated
                                                                      2005                      2005
                                                                     #'000                     #'000

Operating activities
Operating profit                                                    33,975                     9,100
Profit on disposal of investment properties                       (32,031)                   (4,488)
Profit on disposal of subsidiary undertaking                             -                   (1,507)
Movement in receivables                                            (5,658)                     9,094
Movement in payables                                                   728                   (2,090)
Income Taxes                                                       (1,276)                     (640)


                                                                   (4,262)                     9,469
Investment activities
Proceeds from sale of property                                      25,854                     6,569
Interest received                                                      746                       352


                                                                    26,600                     6,921
Financing activities
Interest paid                                                      (4,516)                     (722)


                                                                   (4,516)                     (722)


Increase in cash and cash equivalents in the period                 17,792                  (15,668)


Notes to the interim announcement

Basis of preparation

The results for the six months ended 28th September 2005 include those for the
holding company and all of its subsidiary undertakings.

The results are prepared in accordance with those International Financial
Reporting Standards (IFRS) which are expected to be endorsed by the European
Union and to apply to the March 2006 full year results. The comparative period
results, previously reported under UK GAAP, have been restated on this basis. In
preparing these results, the exemption allowed by IFRS1, First-time Adoption of
IFRS, has been taken not to restate the comparative balance sheet for IAS39,
Financial Instruments: Recognition and Measurement.

This statement does not comprise statutory accounts as defined in Section 240 of
the Companies Act 1985. The results for the half year ended 28 September 2005
have not been audited. The audit report on the results to 24 March 2005
(covering the period from 23 November 2004 to that date),  as originally
prepared under UK GAAP was qualified as a result of non-compliance with SSAP 19.
The audit report also contained a qualification relating to the presentation of
certain payments as a dividend. The statutory accounts for the period ended 24
March 2005 have been filed at the Registrar of Companies.

Comparison to UK GAAP
          
     1.   Balance sheet reconciliations of equity shareholders' funds, at 24
          November 2004 and 24 March 2005, from the amounts previously reported 
          UK GAAP to IFRS did not identify any differences in shareholders' 
          funds.
          
     2.   Reconciliation of reported profit or losses after tax from UK GAAP to
          IFRS for the period ended 24 March 2005 did not identify any 
          differences.


1.         Taxation on profit on ordinary activities                 Half year to            Period ended
                                                                     28 September                24 March
                                                                                                 Restated
                                                                             2005                    2005
                                                                            #'000                   #'000

Current tax - current tax on profit for the period                              -                   (164)
Current tax - adjustment to prior year items                                    -                    (54)
Deferred tax - origination of timing differences                                -                    (47)
                                                                                -                   (265)


2.         Fixed assets - investment properties                      28 September                24 March
                                                                             2005                    2005
                                                                            #'000                   #'000
Balance at 24 March 2005                                                   94,675                 115,523
Additions                                                                  74,437                   2,484
Disposals                                                                (68,230)                (23,332)
Balance at 28 September 2005                                              100,882                  94,675


3.         Net debt
                                                                     Half year to            Period ended
                                                                     28 September                24 March
                                                                                                 Restated
                                                                             2005                    2005
                                                                            #'000                   #'000

Repayable as follows:
After more than five years                                               (75,000)                (75,000)
Cash and cash equivalents                                                  41,026                  23,234


Net debt                                                                 (33,974)                (51,766)



4.         Company Information



Directors                              K D McGrath
                                       L Noe
                                       M P Sheppard
                                       I Smith

Secretary                              A M Jacobs


Registered Office                      5 Wigmore Street
                                       London
                                       W1U 1PB


Registered Number                      104394



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
IR KXLBLELBZFBE

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