RNS Number:8098N
Ashpol PLC
13 December 2006


Group income statement (unaudited)


                                                                      Half year to                Year ended
                                                                       28 September                24 March
                                                           Note                2006                     2006
                                                                              #'000                    #'000



Revenue                                                                       3,388                    7,634


Cost of Sales                                                                 (273)                    (466)


Gross Profit                                                                  3,115                    7,168


Administrative costs                                        1                  (66)                  (7,976)


Profit on disposals of investment properties                                      -                   42,453


Profit from operations                                                        3,049                   41,645


Finance income                                                                1,543                    2,791


Finance costs                                                               (4,610)                  (9,276)


Loss/(Profit) before tax                                                       (18)                   35,160


Tax expense                                                 2                     -                      974


Loss/(Profit)for the period                                                    (18)                   36,134


Basic (loss)/earnings per share                                             (0.02)p                   48.97p






All amounts relate to continuing activities.

All recognised gains and losses are included in the income statement.

Changes in equity during the period are the profit for the period.





Group balance sheet (unaudited)
                                                                        Half year to               Year ended
                                                                        28 September                 24 March
                                                            Note                2006                     2006
                                                                               #'000                    #'000
Assets
Non-current assets
Investment properties                                        3               126,488                   93,023

Current assets
Trade and other receivables                                                   27,609                   23,457
Cash and cash equivalents                                                      9,846                   50,567


                                                                              37,455                   74,024


Total  assets                                                                163,943                  167,047


Liabilities
Current liabilities
Trade and other payables                                                     (2,808)                  (6,367)
Corporation tax liability tax                                                  (293)                    (293)


                                                                             (3,101)                  (6,660)
Non-current liabilities
Financial liabilities
          10 3/4 % 1st Mortgage Debenture Stock                             (75,000)                 (75,000)
          10% Cumulative Preference shares of #1             4               (1,062)                  (1,062)
          5 3/4 % Convertible Preference shares of #1        4              (32,720)                 (32,247)
          Finance lease creditor                                             (1,702)                  (1,702)
Total financial liabilities                                                (110,484)                (110,011)


Total liabilities                                                          (113,585)                (116,671)

                                                                              
Net assets                                                                    50,358                   50,376

Equity
Share capital                                                                  7,378                    7,378
Share premium reserve                                                          7,069                    7,069
Capital redemption reserve                                                        42                       42
Equity conversion reserve                                                      8,187                    8,187
Retained earnings                                                             27,682                   27,700


Total equity                                                                  50,358                   50,376





Group cash flow statement (unaudited)

                                                             Half  year to                Year ended
                                                              28 September                  24 March
                                                                      2006                      2006
                                                                     #'000                     #'000

Operating activities
Loss/profit before tax                                                (18)                    35,160
Profit on disposals of investment properties                             -                  (42,453)
Movement in receivables                                            (3,529)                   (7,215)
Movement in payables                                               (3,563)                   (7,430)
Income taxes                                                             -                     (668)
Finance income                                                     (1,520)                   (2,791)
Finance costs                                                        4,587                     9,276
Impairment of goodwill                                                   -                     5,301



                                                                   (4,043)                  (10,820)
Investment activities
Proceeds from sale of investment properties                              -                   124,228
Acquisition of investment properties                              (33,465)                  (78,421)
Acquisition of subsidiary undertakings                                   -                     (965)
Interest received                                                      897                     1,556


                                                                  (32,568)                    46,398
Financing activities
Interest paid                                                      (4,110)                   (8,245)


                                                                   (4,110)                   (8,245)


Increase in cash and cash equivalents in the period               (40,721)                    27,333





Notes to the unaudited interim  announcement



Basis of preparation



The unaudited interim results for the 6 months ended 28 September 2006 have been
prepared in accordance with those International Financial Reporting Standards
(IFRSs and IFRIC interpretations) issued by the International Accounting
Standards Board (IASB), and with those parts of the Companies Act 1985
applicable to companies preparing their accounts under IFRS, which are expected
to be endorsed by the EU and to apply to the March 2007 full year results. The
accounting policies used have been consistently applied to all the periods
presented and are detailed in the 24 March 2006 financial statements.



The financial information contained in this unaudited interim announcement does
not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.  Full audited accounts for the year ended 24 March 2006 have
been delivered to the Registrar of Companies.



The auditors' report on the statutory accounts for the year ended 24 March 2006
was qualified as a result of non-compliance with International Accounting
Standard Number 40.







1.         Administrative costs



Administrative costs include charitable donations of #2,307,000 for the year ending 24 March 2006.





2.         Taxation on profit on ordinary activities              Period ended              Year ended
                                                                   28 September               24 March
                                                                           2006                   2006
                                                                          #'000                  #'000
Current tax - current tax on profit for the period                            -                      -
Current tax - adjustment to prior year items                                  -                      -
Deferred tax - origination of timing differences                              -                    974
                                                                              -                    974


3.         Fixed assets - investment properties                   Period ended              Year ended
                                                                   28 September               24 March
                                                                           2006                   2006
                                                                          #'000                  #'000
Balance at 25 March 2006                                                 93,023                 94,675
Additions                                                                33,465                 80,123
Disposals                                                                     -               (81,775)
Balance at 28 September 2006                                            126,488                 93,023


4.         Financial liabilities

The group has presented the 53/4% convertible preference shares and the 10% cumulative preference
shares in accordance with the requirements of IAS 32.



Notice has already been given for the conversion of the 5 3/4 % convertible preference shares to
ordinary shares of 10p each to take place before the end of the Ashpol group financial year end.


5.         Net debt
                                                                  Period ended              Year ended
                                                                   28 September               24 March
                                                                           2006                   2006
                                                                          #'000                  #'000

Repayable as follows:
After more than five years                                            (110,484)              (110,011)
Cash and cash equivalents                                                 9,846                 50,567

                                                                      
Net debt                                                              (100,638)               (59,444)




6.         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

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