RNS Number:4139K
Ashpol PLC
20 December 2007



Group income statement (unaudited)


                                                                       6 Months to           Year ended
                                                           Note       28 Sept 2007             24 Mar 2007
                                                                             �'000                   �'000

Revenue                                                                      4,248                   7,915

Cost of sales                                                                (255)                   (777)

Gross profit                                                                 3,993                   7,138

Administrative expenses                                                      (444)                   (455)

(Loss)/profit on disposals of investment properties                              -                 (1,038)

Profit from operations                                                       3,549                   5,645

Finance income                                                                 845                   3,659

Finance costs                                                              (4,423)                 (9,298)

Profit before tax                                                             (29)                       6

Tax expense                                                 2                  (3)                   (276)

(Loss)/profit for the period/year                                             (32)                   (270)



All amounts relate to continuing activities.

The profit for the year is attributable to the equity holders of the company.

All recognised income and expense in the current and prior year is included in
the income statement.




Consolidated statement of changes in equity (unaudited)


                                                                       6 Months to           Year ended
                                                           Note       28 Sept 2007             24 Mar 2007
                                                                             �'000                   �'000

Opening total equity                                                        55,644                  50,376
Loss for the period/year                                                      (32)                   (270)

Dividends                                                                        -                (27,500)
Conversion of preference shares                               4                  -                  33,038
                                                                            55,612                  55,644





Group balance sheet (unaudited)
                                                                         6 Months to            Year ended
                                                                        28 Sept 2007           24 Mar 2007
                                                                               �'000                 �'000
Assets
Non-current assets
Investment properties                                         3              123,159               123,159

Current assets
Trade and other receivables                                                   20,943                20,059
Cash and cash equivalents                                                      1,554                 1,644

                                                                              22,497                21,703

Total  assets                                                                145,656               144,862

Liabilities
Current liabilities
Trade and other payables                                                    (11,608)              (10,759)
Corporation tax liability                                                      (672)                 (695)

                                                                            (12,280)              (11,454)
Non-current liabilities
Financial liabilities                                         4             (77,764)              (77,764)

Total liabilities                                                           (90,044)              (89,218)

Net assets                                                                    55,612                55,644

Equity
Share capital                                                                 10,712                10,712
Share premium reserve                                                         33,821                33,821
Capital redemption reserve                                                        42                    42
Equity conversion reserve                                                     11,139                11,139
Retained earnings                                                              (102)                  (70)

Total equity                                                                  55,612                55,644



Group cash flow statement (unaudited)

                                                               6 Months to                Year ended
                                                              28 Sept 2007               24 Mar 2007
                                                                     �'000                     �'000

Operating activities
(Loss)/profit after tax                                               (32)                     (270)
Loss/(profit) on disposal of investment properties                       -                     1,038
Movement in receivables                                              (884)                  (18,744)
Movement in payables                                                   849                     1,002
Tax expense                                                              3                       276
Finance income                                                       (845)                   (3,659)
Finance costs                                                        4,423                     9,298

Cash generated from operations                                       3,514                  (11,059)

Income taxes received/(paid)                                          (26)                       126

Cash flows from operating activities                                 3,488                  (10,933)

Investing activities
Proceeds from sale of investment properties                              -                     2,690
Acquisition of investment properties                                     -                  (33,864)
Acquisition of subsidiary undertakings                                   -                         -
Interest received                                                      845                     1,208

                                                                       845                  (29,966)
Financing activities
Interest paid                                                      (4,423)                   (8,024)

                                                                   (4,423)                   (8,024)


(Decrease)/increase in cash and cash equivalents in the               (90)                  (48,923)
period





Notes to the preliminary announcement



Basis of preparation



The unaudited interim results for the six month period ended 28 September 2007
have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union (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. The accounting policies used have been consistently applied to all
the periods presented. The interim results should be read in conjunction with
the annual financial statement for the year ended 24 March 2007 and have been
prepared using accounting policies consistent with those annual financial
statements.




Compliance with accounting standards



The financial statements of the group have been prepared in accordance with
applicable International Financial Reporting Standards (IFRSs) except:



*         In respect of the application of the cost model of International
Accounting Standard ('IAS') 40 to measure investment properties, the directors
have not provided for depreciation on the properties as they consider that, as
the properties are held for investment rather than consumption, systematic
annual depreciation would be inappropriate.

*         In respect of the requirement of IAS 40 that the fair value of
investment properties at the year end be disclosed in the financial statements,
the directors do not believe the additional information this would provide
justifies the cost of the valuations and have therefore omitted to provide this
disclosure.



The financial information contained in this interim report 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 2007 have been delivered to
the Registrar of Companies and shareholders.



The auditors' report on the statutory accounts for the year ended 24 March 2007
included an audit report as a result of non-compliance with IAS 40.



The financial information for the year ended 24 March 2007 is extracted from the
audited financial statements to that date which have been delivered to the
Registrar of Companies.



1.         Segmental reporting



The directors consider there is only one business segment being investment properties and one
geographical area, being the UK.





2.         Tax expense
                                                                    6 Months to             Year ended
                                                                   28 Sept 2007            24 Mar 2007
                                                                          �'000                  �'000

Current tax - current tax on profit for the period                          (3)                    276
Deferred tax - reversal of timing differences                                 -                      -
                                                                            (3)                    276


3.         Fixed assets - investment properties
                                                                           2007                   2007
                                                                          �'000                  �'000

Balance at beginning of period/ year                                    123,159                 93,023
Additions                                                                     -                 33,864
Disposals                                                                     -                (3,728)
Balance at end of  period/year                                          123,159                123,159


4.         Financial liabilities
                                                                           2007                   2007
                                                                          �'000                  �'000

10 3/4 % 1st Mortgage  Debenture Stock                                 (75,000)               (75,000)
10% Cumulative Preference shares of �1                                  (1,062)                (1,062)
Finance lease creditor                                                  (1,702)                (1,702)
                                                                       (77,764)               (77,764)

The 53/4% convertible preference shares were converted at the holder's option on 30 January 2007.  The
conversion rate was 83.333 ordinary shares for every 100 convertible preference shares.  As a result,
33,330,415 ordinary shares of 10p each were issued, giving rise to a premium on issue of �26,752,000.


5.         Dividends
                                                                           2007                   2007
                                                                          �'000                  �'000
Equity shares:
Ordinary shares - paid                                                        -                 27,500


6.         Net debt
                                                                           2007                   2007
                                                                          �'000                  �'000

Repayable as follows:
After more than five years                                             (77,764)               (77,764)
Cash and cash equivalents                                                 1,554                  1,644

Net debt                                                               (76,210)               (76,120)


7.         Company Information

                              
Directors                     L Noe
                              P Meads
                              I Smith
                              A Thomson

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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