Immediate Release: 27 September 2004

                     Financial Development Corporation plc                     

                           ("FDC" or the "Company")                            

            Interim Results for the Six Months Ended 31 August 2004            

Highlights

  * Placing at 3 pence per share raising �5,905,000 before expenses
   
  * Very strong cash position to pursue exciting opportunities
   
  * Turnover: �817,000 (interim 2003: �319,000)
   
  * Profit before tax: �160,000 (interim 2003: �19,000)
   
Chairman's Report

Financial Development Corporation plc is delighted to announce its interim
results for the six months ended 31 August 2004. The Company is in a very
strong position, having over �6.5 million of cash and current asset
investments, which will allow us to pursue a number of exciting opportunities
in the coming months. One of these opportunities is Griffin Leisure Limited, in
which we hold an option to acquire the entire issued share capital.

I look forward to continued growth and, through the potential implementation of
a number of projects, we believe that value will be added to the Group.

For further information please contact:

Paul Foulger, Finance Director

Tel. 020 7245 1100

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE SIX MONTHS ENDED 31 AUGUST 2004

                                 Note 6 months to   6 months to     12 months
                                        31 August     31 August         to 29
                                             2004          2003      February
                                      (unaudited)   (unaudited)          2004
                                                                    (audited)
                                                                             
                                            �'000         �'000         �'000
                                                                             
Turnover                                      817           319         1,317
                                                                             
Cost of sales                               (319)           (6)         (551)
                                                                             
                                       __________     _________     _________
                                                                             
Gross profit                                  498           313           766
                                                                             
Administrative expenses                     (351)         (298)         (630)
                                                                             
Other operating income                         10             -             9
                                                                             
                                       __________     _________     _________
                                                                             
Operating profit                              157            15           145
                                                                             
Interest receivable                             3             5             7
                                                                             
Amounts written off investments                 -             -          (10)
                                                                             
Interest payable                                -           (1)           (2)
                                                                             
                                       __________     _________     _________
                                                                             
Profit on ordinary activities                 160            19           140
before taxation                                                              
                                                                             
Taxation                          3          (50)           (4)          (44)
                                                                             
                                       __________     _________     _________
                                                                             
Profit on ordinary activities                 110            15            96
after taxation                                                               
                                                                             
Dividends                                       -             -             -
                                                                             
                                       __________     _________     _________
                                                                             
Retained profit for the                       110            15            96
financial period                                                             
                                                                             
                                       __________     _________     _________
                                                                             
Earnings per share                4         Pence         Pence         Pence
                                                                             
-Basic earnings per share                   0.077         0.013         0.081
                                                                             
-Diluted earnings per ordinary              0.071         0.013         0.079
share                                                                        

The profit and loss has been prepared on the basis that all operations are
continuing operations.

There were no recognised gains or losses other than those passing through the
profit and loss account.

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2004

                                        As at 31      As at 31       As at 29
                                     August 2004   August 2003       February
                                     (unaudited)   (unaudited)           2004
                                                                    (audited)
                                                                             
                                           �'000         �'000          �'000
                                                                             
Fixed assets                                                                 
                                                                             
Tangible assets                               93           117            114
                                                                             
Investments                                  250             -              -
                                                                             
                                       _________     _________    ___________
                                                                             
                                             343           117            114
                                                                             
                                       _________     _________    ___________
                                                                             
Current assets                                                               
                                                                             
Debtors                                      171           166            279
                                                                             
Investments                                  598           289            403
                                                                             
Cash at bank and in hand                   5,894           218            166
                                                                             
                                       _________     _________    ___________
                                                                             
                                           6,663           673            848
                                                                             
Creditors: amounts falling due             (181)         (244)          (159)
within one year                                                              
                                                                             
                                       _________     _________    ___________
                                                                             
Net current assets                         6,482           429            689
                                                                             
                                       _________     _________    ___________
                                                                             
Total assets less liabilities              6,825           546            803
                                                                             
                                       _________     _________    ___________
                                                                             
Capital and reserves                                                         
                                                                             
Called up share capital                      339           118            136
                                                                             
Share premium account                      6,504           637            795
                                                                             
Merger reserve                              (29)          (29)           (29)
                                                                             
Profit and loss account                       11         (180)           (99)
                                                                             
                                       _________     _________    ___________
                                                                             
Equity shareholders' funds                 6,825           546            803
                                                                             
                                       _________     _________    ___________
                                                                             

CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 31 AUGUST 2004

                            Note 6 months to 31 6 months to 31   12 months to
                                    August 2004    August 2003    29 February
                                    (unaudited)    (unaudited) 2004 (audited)
                                                                             
                                  �'000   �'000   �'000  �'000  �'000   �'000
                                                                             
Net cash inflow/(outflow)    5              258              2           (11)
from operating activities                                                    
                                                                             
Returns on Investments and                                                   
servicing of finance                                                         
                                                                             
Interest received                     3               5             7        
                                                                             
Interest paid                         -             (1)           (2)        
                                                                             
                                  _____         _______         _____        
                                                                             
Net cash inflow for returns                   3              4              5
on investments and                                                           
servicing of finance                                                         
                                                                             
Taxation                                      -              -              -
                                                                             
Capital expenditure and                                                      
financial investments                                                        
                                                                             
Payments to acquire                   -             (6)          (26)        
tangible assets                                                              
                                                                             
Payments to acquire               (250)               -             -        
investments                                                                  
                                                                             
                                  _____         _______         _____        
                                                                             
Net cash outflow for                      (250)            (6)           (26)
capital expenditure and                                                      
financial investments                                                        
                                                                             
                                        _______          _____        _______
                                                                             
Net cash inflow/(outflow)                    11              -           (32)
before management of liquid                                                  
resources and financing                                                      
                                                                             
Management of Liquid                                                         
resources                                                                    
                                                                             
Current asset investments         (195)           (115)         (239)        
                                                                             
Bank deposits                       151             107           174        
                                                                             
                                  _____         _______         _____        
                                                                             
Net cash outflow for                       (44)            (8)           (65)
management of liquid                                                         
resources                                                                    
                                                                             
Financing                                                                    
                                                                             
Issue of ordinary share           5,912               -           176        
capital                                                                      
                                                                             
                                  _____         _______         _____        
                                                                             
Net cash inflow from                      5,912              -            176
financing                                                                    
                                                                             
                                        _______          _____        _______
                                                                             
Increase/(decrease) in cash  6            5,879            (8)             79
                                                                             
                                        _______          _____        _______
                                                                             

NOTES TO INTERIM RESULTS

FOR THE SIX MONTHS ENDED 31 AUGUST 2004

1. Basis of Preparation

The results for the six months ended 31 August 2004 are unaudited and have not
been reviewed by the auditors. They have been prepared on accounting bases and
policies that are consistent with those used in the preparation of the
financial statements of the Group for the period ended 29 February 2004.

The financial statements contained in this report do not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. The
results for the period ended 29 February 2004 were reported on by the auditors
and received an unqualified audit report. Full accounts for the period ended 29
February 2004 have been delivered to the Registrar of Companies.

2. Dividends

No dividend is proposed for the six months ended 31 August 2004.

3. Taxation

The charge for taxation for the six months ended 31 August 2004 reflects the
anticipated effective rate for the period.

4. Earnings Per Share

The calculation of basic earnings per share is based on the profits after tax
of �110,000 and 142,213,141 ordinary shares being the weighted average number
of ordinary shares in issue during the period.

The calculation of diluted earnings per share is based on the basic earnings
per share adjusted to allow for the issue of shares issued on the assumed
conversion of all options resulting in 155,901,053 issued ordinary shares.

5. Reconciliation of operating profit to net cash inflow/(outflow) from
operating activities

                                    6 months to   6 months to   12 months to
                                      31 August     31 August    29 February
                                           2004          2003           2004
                                                                            
                                          �'000         �'000          �'000
                                                                            
Operating profit                            157            15            145
                                                                            
Depreciation                                 21            17             40
                                                                            
Decrease/(Increase) in debtors               97          (36)          (165)
                                                                            
(Decrease)/Increase in creditors           (17)             6           (31)
                                                                            
                                    ___________   ___________    ___________
                                                                            
Net cash inflow/(outflow) from              258             2           (11)
operating activities                                                        
                                                                            
                                    ___________   ___________    ___________
                                                                            

6.Analysis of net funds

                                   29 February      Cash Flow       31 August
                                          2004    Movements �            2004
                                                         '000                
                                         �'000                          �'000
                                                                             
Net cash:                                                                    
                                                                             
Cash at Bank                                15          5,879           5,894
                                                                             
                                   ___________     __________     ___________
                                                                             
                                            15          5,879           5,894
                                                                             
                                   ___________     __________     ___________
                                                                             
Liquid resources:                                                            
                                                                             
Current asset investments                  403            195             598
                                                                             
Bank deposits                              151          (151)               -
                                                                             
                                   ___________     __________     ___________
                                                                             
                                           554             44             598
                                                                             
                                   ___________     __________     ___________
                                                                             
Net funds                                  569          5,923           6,492
                                                                             
                                   ___________     __________     ___________
                                                                             

Copies of the Interim Results will be sent to shareholders shortly and will be
available to members of the public from the company's registered office, 14
Kinnerton Place South, London, SW1X 8EH.



END



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