Interim Results

CareCapital Group plc
08 September 2006


For release at 0700h, 8 September 2006




                             CareCapital Group Plc

                        ("CareCapital" or "the Company")

               Interim Results for the Six Months to 30 June 2006



Statement by the Chairman, Dr Michael Sinclair

I am pleased to present my statement in respect of the Interim Results for
CareCapital Group Plc for the six months to 30th June 2006, its first as a
quoted company, as the Company's shares were admitted to the AIM on 4th August
2006. The reasons for this were twofold; firstly, to enable our private equity
backer, Asgard Sarl (a real estate investment fund managed by AXA REIM) to
realise part of its shareholding in the Company and secondly, to provide a
platform for the Company to raise funds in the future for working capital and
the equity requirements of capital projects.

Our financial performance for the six months to 30th June 2006 was entirely in
line with projections with both rental and facilities management income on
budget. A number of rent reviews have been undertaken over the past few months
with results ahead of expectations.

A valuation of the Company's existing property investment portfolio was
undertaken by Colliers CRE in connection with our admission to AIM. This
valuation, dated 31st July 2006, puts a market value on the portfolio of 
£23,092,000 (gross) and £21,770,000 (net) after taking into account the
deduction of notional buyers' costs.

Looking forward, I am pleased to report that the Company has a significant
pipeline of medical centres and other healthcare related property projects that
are being currently progressed. We anticipate that three of these projects will
begin construction during the fourth quarter of 2006 or first quarter 2007 with
a capital value in excess of £10 million.

Construction of the shell for a dental centre in Folkestone (as part of the
regeneration of the town centre) is on schedule and due for completion, prior to
fit-out, in June 2007. This £4.5 million value project, which is due to open in
January 2008, will, I believe, be a template for major dental centres across the
UK, serving both NHS and private patients. In addition, we are short-listed for
four PFI and similarly procured healthcare projects and have recently
strengthened our team working on these bids.

We have been selected as preferred bidder for a major medical resource centre
project in North Wales. This project will be developed for the Local Health
Board in partnership with Gaufron Healthcare and has a capital value of £6.5
million. Construction is scheduled to commence in March 2007 and to complete in
May 2008. The joint venture with Gaufron Healthcare, enabling better access to
potential projects in Wales, is one of the strategic partnerships that we have
to facilitate future healthcare real estate development opportunities. Another
example is Bay Area Health Trust (UK) Limited where we participate on an equal
basis with Bay Area Health Trust (part of Hamilton Health Sciences) and Med-
Emerg (International) Inc., thereby enabling CareCapital to provide the property
element for projects requiring a high level of patient clinical and other
services.

I would like to take this opportunity to thank AXA REIM for its financial and
other support over the past two years following the formation of the CareCapital
Group of companies. I would also like to welcome our new shareholders and to
thank them for their support for our AIM flotation and look forward to a good
relationship with them.

I am very pleased that Keith Gibbs is to stay on the Board and that Lord Evans
of Watford (David Evans) agreed to join the Board.


Last, but not least, achieving a market listing is time consuming and disruptive
and I would like to congratulate Paul Stacey, Steve Wilden and the Management
Team on not only achieving this but also continuing the progress of the Company
and its capital projects.


8 September 2006


For further information:

Richard Sunderland/Simon Hudson
Tavistock Communications
Tel: [phone]




CareCapital Ltd
Consolidated Profit and Loss Account
for the six months ended 30th June 2006


                                            Six months           Six months               Year
                                                 ended                ended              ended
                                             30th June            30th June      31st December
                                                  2006                 2005               2005
                                            (unaudited)          (unaudited)          (audited)
                                                 £'000                £'000              £'000
Turnover                                           906                  868              1,748
Cost of sales                                       51                   39                 73
                                          ----------------------------------------------------
Gross profit                                       855                  829              1,675
Administrative expenses                          1,008                  592              1,253
Exceptional expenses                               294                    -                  -
                                          ----------------------------------------------------
Earnings before interest, taxation,
depreciation and amortisation                     (447)                 237                422
Depreciation                                       (16)                 (15)               (34)
Goodwill amortisation                              (38)                 (38)               (77)
                                          ----------------------------------------------------
Operating profit / (loss)                         (501)                 184                311
Interest receivable                                111                  131                245
Interest payable and similar charges              (588)                (566)            (1,155)
                                          ----------------------------------------------------
Loss on ordinary activities                       (978)                (251)              (599)
Tax on loss on ordinary activities                   -                    -                  -
                                          ----------------------------------------------------
Loss for the financial period                     (978)                (251)              (599)
                                          ====================================================
Loss per share - basic                          (0.083p)             (0.021p)           (0.051p)
Loss per share - diluted                        (0.079p)             (0.020p)           (0.048p)

Consolidated statement of total
recognised gains and losses

Profit/(Loss) for the financial period            (978)                (251)              (599)
Property revaluation                                 -                    -                281
                                          ----------------------------------------------------
Total recognised gains and losses                 (978)                (251)              (318)
                                          ----------------------------------------------------





CareCapital Group Plc
Consolidated Balance Sheet
As at 30 June 2006

                                                 As at                As at              As at
                                               30 June              30 June        31 December
                                                  2006                 2005               2005
                                           (Unaudited)           (Unaudited)          (Audited)
                                                 £'000                £'000              £'000
Fixed assets
Intangible assets                                  241                  317                279
Tangible assets                                 21,883               20,697             21,539
                                          ----------------------------------------------------
                                                22,124               21,014             21,818
                                          ----------------------------------------------------

Current assets
Stocks                                               1                    1                  1
Debtors                                            509                  310                379
Cash at bank and in hand                         5,739                7,365              6,965
                                          ----------------------------------------------------
                                                 6,249                7,676              7,345
Creditors: amounts falling due 
within one year                                 (1,347)                (986)            (1,043)
                                          ----------------------------------------------------
Net Current assets                               4,902                6,690              6,302
                                          ----------------------------------------------------
Total assets less current liabilities           27,026               27,704             28,120
                                          ----------------------------------------------------
Creditors: amounts falling due after 
more than one year                             (16,724)             (16,357)           (16,840)
Provisions for Liabilities and charges             (37)                 (37)               (37)
                                          ----------------------------------------------------
Net assets                                      10,265               11,310             11,243
                                          ====================================================

Capital and reserves
Called up share capital                         11,745               11,745             11,745
Share premium account
Profit and loss account                         (1,761)                (435)              (783)
Revaluation reserve                                281                                     281
                                          ----------------------------------------------------
Shareholders' funds                             10,265               11,310             11,243
                                          ----------------------------------------------------





CareCapital Ltd
Consolidated Cash flow Statement
for the six months ended 30th June
2006

                                            Six months           Six months               Year
                                                 ended                ended              ended
                                        30th June 2006       30th June 2005 31st December 2005
                                            (unaudited)          (unaudited)          (audited)
                                                 £'000                £'000              £'000

Net cash inflow from operating activities         (330)                 149                321

Returns on investments and servicing 
of finance
Interest received                                  114                  139                244
Interest paid                                     (612)                (574)            (1,118)
Interest element of finance lease payments          (2)                  (2)                (4)

Net cash outflow from returns on           ----------------------------------------------------
investments and servicing of finance              (500)                (437)              (878)
                                          ----------------------------------------------------
Taxation                                                                  4                  4

Capital expenditure
Purchase of tangible fixed assets                 (359)                (100)              (680)
                                          ----------------------------------------------------
Net cash outflow from capital expenditure         (359)                (100)              (680)
                                          ----------------------------------------------------
Net cash outflow before financing               (1,189)                (384)            (1,233)

Financing
Increase/(decrease) of debts due within 
one year                                            25                    4                (40)
New loans in year                                                                          435
Repayment of secured loans                        (108)                (178)              (121)
Capital element of finance lease payments           (9)                  (9)               (18)
                                          ----------------------------------------------------
Net cash (outflow)/inflow from financing           (92)                (183)               256
                                          ----------------------------------------------------
(Decrease)/Increase in cash                     (1,281)                (567)              (977)
                                          ====================================================

Reconciliation of operating profit to
net cash inflow from operating activities
Operating profit                                  (501)                 184                311
Depreciation charges                                16                   15                 34
Amortisation                                        38                   38                 77
(Increase)/decrease in stocks
(Increase)/decrease in debtors                    (132)                 (58)              (127)
Increase/(decrease) in creditors                   249                  (30)                26
                                          ----------------------------------------------------
Net cash inflow from operating activities         (330)                 149                321
                                          ====================================================

Reconciliation of net cash flow to
movement in net debt 
Increase/(decrease) in cash in period           (1,281)                (567)              (977)
Cash outflow from decrease in debt 
and lease financing                                 92                  183                179
                                          ----------------------------------------------------
Change in debt resulting from cash flows        (1,189)                (384)              (798)
New long term loans                                                                       (435)
                                          ----------------------------------------------------
Movement of net debt in the period              (1,189)                (384)            (1,233)
                                          ====================================================
Net debt at start of period                    (10,241)              (9,008)            (9,008)
Net debt at end of period                      (11,430)              (9,392)           (10,241)
                                          ----------------------------------------------------





Notes to the financial information
For the six months ended 30th June 2006


1.  Basis of preparation
    At 30 June 2006 CareCapital Group Plc had not traded, and the financial information contained
    within the statement represents the consolidated results of CareCapital Ltd and its subsidiaries,
    which will be accounted for under the merger accounting rules in accordance with FRS 6.


2.  Earnings/(loss) per share
    CareCapital Ltd

    The issued share capital of CareCapital Ltd at 30 June 2006 comprised 11,745,162 ordinary £1
    shares. Share options granted to senior management at this date comprised 630,000 ordinary £1
    shares.

    The loss per share based on the share capital of CareCapital Ltd at 30 June 2006 was:



                                                                      As at          As at          As at
                                                                    30 June        30 June    31 December
                                                                       2006           2005           2005
    Loss per share                                               (Unaudited)    (Unaudited)      (Audited)
  
    Basic - 11,745,162 ordinary £1 shares                       0.083 pence    0.021 pence    0.051 pence
    Diluted - 12,375,162 ordinary £1 shares                     0.079 pence    0.020 pence    0.048 pence
    

    CareCapital Group Plc
 
    Immediately prior to the admission of CareCapital Group Plc to AIM, the issued share capital in
    CareCapital Ltd was purchased by CareCapital Group Plc for the consideration of 71,754,096
    ordinary 0.01p shares. On admission to AIM, CareCapital Group Plc placed 5,000,000 new 0.01
    pence ordinary shares. The existing share options were converted into 4,271,436 options for 0.01
    pence ordinary shares.


    The loss per share based on the share capital of CareCapital Group Plc at 4 August 2006 was:

                                                                      As at          As at          As at
                                                                    30 June        30 June    31 December
                                                                       2006           2005           2005
    Loss per share                                               (Unaudited)    (Unaudited)      (Audited)
    Basic - 76,754,096 ordinary 0.01 shares                     0.013 pence    0.003 pence    0.008 pence
    Diluted - 81,025,532 ordinary 0.01 shares                   0.012 pence    0.003 pence    0.007 pence



3.  Exceptional item
    At 30 June 2006, the Company had incurred costs of £294,000 in respect of the AIM listing,
    which took place on 4 August 2006. This amount represented the costs and commitments at that
    point. The final costs which will be reflected in the full year accounts were £610,000.


4.  Property Portfolio
    At 30 June 2006, the value of Properties held as investments contained within Fixed assets totalled
    £21,429,000. These properties were valued at £21,770,000 in an independent valuers report dated
    31 July 2006.


5.  Status of financial information
    The interim results of the Group for the six months to 30 June 2006 were approved by the Board on
    29 August 2006.
    The interim financial statements have not been audited and do not constitute statutory accounts
    as defined under s240 of the Companies Act 1985.
    The Interim financial statements have been prepared in accordance with applicable accounting
    standards and are consistent with those adopted in the Consolidated statutory accounts of
    CareCapital Limited for the year ended 31 December 2005. Those accounts, upon which the auditors
    issued an unqualified opinion, have been delivered to the Registrar of Companies.





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