Interim Results

PARALLEL MEDIA GROUP PLC                            

              INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2006              

Chairman's statement

The Company's interim results for the period ended 30 June 2006 show a retained
profit of £9,000 compared to a loss of £218,000 reported in last year's interim
results. This period also saw the Company, together with its 49.9% associate,
Parallel Media Asia (2003) Ltd ("PMA"), successfully stage PGA European Tour
events in Malaysia, Singapore, Indonesia and China.

Financial review

The turnover for the period was £1,477,000 compared to a turnover of £1,923,000
in the prior period. The reason for this decrease is that in March 2005 the
Company staged the Samsung Ladies Masters, whereas this year's event is
scheduled to take place in the second half of 2006 in Singapore. Gross profit
earned on this turnover increased to £850,000 from £602,000 last year. This
reflected increased activity in Europe. The operating profit for the period was
£178,000 (6 months ended 30 June 2005: loss of £110,000). The share of loss/
profit in associates line (loss of £52,000 compared with profit of £19,000 in
2005) is the Group's 49.9% share of the loss of PMA for the period. Interest
payable of £123,000 relates to interest payable on convertible and shareholders
loans and the bank loan with Bumiputra Commerce Bank.

Board changes

On a personal basis, I would like to take this opportunity to thank our two new
Board members, Edward Adams and Leonard Fine, who have contributed immensely to
the turnaround we are beginning to experience even before they formally joined
the Board. The Board intends to strengthen the board further and is looking to
announce the appointments of a COO from outside the Company and two new Non
Executives in the Autumn.

Future Prospects

As has been separately announced, the Company has reached an amicable agreement
to dissolve its current business activities operated through the Company's
associated company Parallel Media Asia (2003) Limited with the result that it
will be taking over responsibility for the office in Hong Kong and the
promotion of the UBS Hong Kong Open and TCL Classic.

The events with which PMG will be involved in the second half of the year will
include the UBS Hong Kong Open, the Samsung Ladies Masters, the Kazakhstan Open
and FIFPro Football Awards. Sponsorship sales so far for the second half of
2006 are already ahead of the same period last year, and I remain confident
that the Company will continue its growth during the second half of 2006. In
addition, future Sponsorship revenues for 2007 are already showing good
visibility.

Finally, one of the consequences of the dissolution of the Company's activities
operated through its Asian associate will be the Company's future freedom to
act on its own account in Asia and the Company expects to announce shortly
several exciting new opportunities which can drive the progress of the Group's
business further.

David Ciclitira

Chairman & CEO

Parallel Media Group plc

Summarised consolidated profit and loss account for the 6 months ended 30 June
2006

                                         6 months    6 months Year ended
                                            ended       ended         31
                                          30 June     30 June   December
                                             2006        2005       2005
                                                                        
                                      (unaudited) (unaudited)  (audited)
                                                                        
                                Note        £'000       £'000      £'000
                                                                        
Turnover                                    1,477       1,923      2,582
                                                                        
Cost of Sales                               (627)     (1,321)    (1,593)
                                                                        
Gross profit                                  850         602        989
                                                                        
Administrative Expenses                     (672)       (712)    (1,297)
                                                                        
Other operating Income                          -           -          -
                                                                        
Operating profit/(loss)                       178       (110)      (308)
                                                                        
Share of operating (loss)/                   (52)          19      (389)
profit in associates                                                    
                                                                        
Exceptional items - profit on                   -           -        156
sale of associated undertaking                                          
                                                                        
Exceptional items - loss on                     -           -      (157)
sale of subsidiary                                                      
                                                                        
Profit/(loss) on ordinary                     126        (91)      (698)
activities before interest and                                          
tax                                                                     
                                                                        
Interest receivable                             -           -          -
                                                                        
Interest payable                            (123)       (131)      (361)
                                                                        
Profit/(loss) on ordinary                       3       (222)    (1,059)
activities before tax                                                   
                                                                        
Tax on profit/loss on ordinary                  -           -          -
activities                                                              
                                                                        
Profit/(loss) on ordinary                       3       (222)    (1,059)
activities after tax                                                    
                                                                        
Minority interests                              6           4         11
                                                                        
Profit/(loss) for the                           9       (218)    (1,048)
financial period                                                        
                                                                        
Profit/(loss) per share                                                 
                                                                        
- basic                            2        0.04p     (0.98p)    (4.72p)

Parallel Media Group plc

Summarised consolidated balance sheet as at 30 June 2006

                                        30 June     30 June 31 December
                                           2006        2005        2005
                                    (unaudited) (unaudited)   (audited)
                                                                       
                                          £'000       £'000       £'000
                                                                       
Fixed assets                                                           
                                                                       
Tangible assets                              15          59          17
                                                                       
Investments                                 567         757         619
                                                                       
                                            582         816         636
                                                                       
Current assets                                                         
                                                                       
Debtors - Due within one                  1,420         914       1,264
        year                                                           
                                                                       
        - Due after one                   1,168       1,971         805
        year                                                           
                                                                       
                                          2,588       2,885       2,069
                                                                       
Cash                                          5           -         107
                                                                       
                                          2,593       2,885       2,176
                                                                       
Creditors: amounts falling                                             
due                                                                    
                                                                       
within one year                         (2,017)     (2,361)     (1,906)
                                                                       
Net current assets/                         576         524         270
(liabilities)                                                          
                                                                       
Total assets less current                 1,158       1,340         906
liabilities                                                            
                                                                       
Creditors: amounts falling                                             
due                                                                    
                                                                       
after one year                          (6,338)     (5,412)     (6,130)
                                                                       
Provisions for liabilities                                             
and charges                                                            
                                                                       
Associates                                    -       (156)           -
                                                                       
Net liabilities                         (5,180)     (4,228)     (5,224)
                                                                       
Capital and reserves                                                   
                                                                       
Called up share capital                   1,110       1,110       1,110
                                                                       
Share premium account                         -           -           -
                                                                       
Other reserves                            5,591       5,591       5,591
                                                                       
Profit and loss account                (11,759)    (10,821)    (11,802)
                                                                       
Shareholders' funds -                   (5,058)     (4,120)     (5,101)
equity                                                                 
                                                                       
Minority interest - equity                (122)       (108)       (123)
                                                                       
                                        (5,180)     (4,228)     (5,224)

Parallel Media Group plc

Summarised consolidated cash flow statement for the 6 months ended 30 June 2006

                                                  6 months     6 months
                                                     ended        ended
                                             30 June 2006  30 June 2005
                                                                       
                                               (unaudited)  (unaudited)
                                                                       
                                       Note          £'000        £'000
                                                                       
Net cash outflow from operating           3          (188)           80
activities                                                             
                                                                       
Returns on investments and servicing                                   
of finance                                                             
                                                                       
Interest paid                                         (38)        (131)
                                                                       
Interest received                                        -            -
                                                                       
Net cash outflow from returns on                      (38)        (131)
investments and servicing of finance                                   
                                                                       
Tax paid                                                 -            -
                                                                       
Capital expenditure                                      -            -
                                                                       
Acquisitions and disposals                               -            -
                                                                       
Net cash outflow before management of                (226)         (51)
liquid resources & financing                                           
                                                                       
Financing                                                              
                                                                       
Convertible loan                                       124            -
                                                                       
                                                       124            -
                                                                       
Decrease in cash                                     (102)         (51)

Parallel Media Group plc

Interim Results for the 6 months ended 30 June 2006

Notes forming part of the interim results for the period ended 30 June 2006

1. Accounting policies

The interim results have been prepared on the basis of the accounting policies
as set out in the Group's 31 December 2005 statutory accounts.

The comparative figures shown above for the year ended 31 December 2005 do not
constitute statutory accounts as they have been extracted from the statutory
accounts which have been filed with the Registrar of Companies.

These interim results are unaudited and do not constitute statutory accounts.

2. Loss per share

(i) Basic                                   6 months     6 months    Year ended
                                               ended        ended   31 December
                                                                           2005
                                        30 June 2006 30 June 2005              
                                                                               
                                         (unaudited)  (unaudited)     (audited)
                                                                               
Profit/(loss) for the financial period        £9,000   (£218,000)  (£1,048,000)
                                                                               
Number of shares in issue                 22,203,505   22,203,505    22,203,505
                                                                               
Loss per share                                 0.04p      (0.98p)       (4.72p)

(ii) Adjusted earnings per share

The adjusted earnings per share figure shown below is calculated on
attributable profit excluding goodwill, discontinued operations, exceptional
items included in administrative expenses, and exceptional items included after
operating profit. This calculation has been used as it is deemed to give a more
appropriate indication of the earnings of the continuing operations of the
Group.

                              6 months ended   6 months ended        Year ended
                                30 June 2006     30 June 2005  31 December 2005
                                                                               
                                 (unaudited)      (unaudited)         (audited)
                                                                               
                            Earnings     EPS Earnings     EPS Earnings      EPS
                                                                               
                              £'000s   Pence   £'000s   Pence   £'000s    Pence
                                                                               
Basic loss per share               9   0.04p    (218) (0.98p)  (1,048)  (4.72p)
                                                                               
Exceptional items                  -       -        -       -        1    0.01p
                                                                               
Adjusted loss per share            9   0.04p    (218) (0.98p)  (1,047)  (4.71p)

3. Reconciliation of operating loss to net cash outflow from operating
activities

                                                6 months 6 months ended
                                                   ended   30 June 2005
                                            30 June 2006               
                                                                       
                                                   £'000          £'000
                                                                       
Operating profit/(loss) after                        178          (110)
exceptional items                                                      
                                                                       
Depreciation                                           2              2
                                                                       
(Increase)/decrease                                (482)          (112)
in debtors                                                             
                                                                       
Increase in                                          113            301
creditors                                                              
                                                                       
Foreign exchange                                       1            (1)
                                                                       
Net cash outflow from                              (118)           (80)
operating activities                                                   

4. Other

Copies of unaudited interim results have not been sent to shareholders, however
copies are available on request from the Company Secretary at the company's
Registered Office: 3-12 Harbour Yard, Chelsea Harbour, London, SW10 0XD.