Final Results

Conygar Investment Company PLC(The)
02 December 2005


2 December 2005
                       THE CONYGAR INVESTMENT COMPANY PLC

            PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005


CHAIRMAN'S STATEMENT

Review of Activities

Our strategy remains to invest in property assets and companies with property
assets where we can add significant value using our property management,
development and transaction structuring skills.  The market continues to be
competitive and value hard to come by, however I am pleased to report another
period of progress.

In December 2004, we were pleased to announce our 50:50 joint venture, C M
Sheffield Limited, which acquired £15.7 million of properties on Sheffield
Business Park.  In August, these were sold to funds managed by Clerical Medical
for £17.8 million, a profit to the joint venture of £1.43million after costs and
which represents an excellent return on our £2.1 million equity investment in
such a short period of time.  The joint venture will not complete in respect of
a £6.8million property which was exchanged in December conditional upon
completion of defect rectification works.  The works were not completed and
therefore the contract condition not fulfilled.  The joint venture continues to
actively seek out opportunities.

The group also sold its shareholding in James Beattie PLC which was taken over
by House of Fraser plc in August.  This generated £479,000 of cash and a profit
before taxation of £115,000.

During the year the group recorded a profit before taxation of £527,000 and an
undiluted earnings per share of 3.66p.  The group continues to minimise
administrative overhead and undertake the majority of our work without recourse
to external advisers.  Cash balances at 30 September 2005 amounted to
£4.8million.


Events Since the Balance Sheet Date

On 30 November 2005, the company announced the acquisition of 50% of the share
capital of Martello Quays Limited.  This is a partnership between Conygar, a
local developer and Vinci Project Development Limited and has been appointed
preferred developer to obtain planning permission and develop an area in Wales
known as Pembroke Dock Waterfront.  The development will consist of a fully
serviced marina, various retail and leisure outlets and a residential
development.  Conygar has committed to fund the planning application costs which
are not anticipated to exceed £350,000.  It is anticipated that the completed
development will have an end value estimated to be in excess of £100 million.


IFRS (International Financial Reporting Standards)

As an AIM company, Conygar is not required to adopt IFRS until the year
commencing 1 May 2007.  The company is currently considering the likely effect
of adopting IFRS and will report in due course.


Prospects

The board is very positive about the future prospects of the company.
Management remains extremely committed to creating value for shareholders and we
continue to work upon a pipeline of opportunities.  As always we will continue
to keep shareholders informed of the company's progress.


R T E Ware
Chairman



CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30 September 2005
                                                                                                      Period from
                                                                                        Year Ended   22 Sep 03 to
                                                                                         30 Sep 05      30 Sep 04
                                                                                             £'000          £'000
TURNOVER
Group and share of joint venture's turnover                                                  9,691              -
Less share of joint venture's turnover                                                     (9,179)              -

                                                                                               512              -
Cost of Sales                                                                                (397)              -

Gross Profit                                                                                   115              -

Administrative Expenses                                                                      (399)          (208)

Operating Loss                                                                               (284)          (208)
Share of operating profit of joint venture                                                     963              -

                                                                                               679          (208)
Income from current asset investments                                                           24             10

Interest receivable and similar income
Group                                                                                          121            161
Joint Venture                                                                                   23              -

Interest payable and similar charges
Group                                                                                            -              -
Joint Venture                                                                                (320)              -

Profit / (Loss) on Ordinary Activities before Taxation                                         527           (37)

Taxation on profit on ordinary activities                                                    (171)              -

Profit/ (Loss) on Ordinary Activities after Taxation                                           356           (37)

Dividends                                                                                        -              -

Profit / (Loss) for the Financial Period                                                       356           (37)

Earnings per share
Undiluted                                                                                    3.66p        (0.42)p
Diluted                                                                                      3.43p        (0.40)p


All of the activities of the Company are classed as continuing.

The Company has no recognised gains or losses other than the results for the
period as set out above.



CONSOLIDATED BALANCE SHEET

At 30 September 2005

                                                             30 Sep 2005                    30 Sep 2004
                                                                £'000                          £'000
FIXED ASSETS
Tangible fixed assets                                                        4                              -
                                                                             4                              -
Investment in joint venture
            Share of gross assets                              687                              -
            Share of gross liabilities                       (223)         464                  -           -

                                                                           468                              -

CURRENT ASSETS
Debtors                                                         60                             55
Investments                                                      -                            397
Cash at bank                                                 4,839                          4,452

                                                             4,899                          4,904

CURRENT LIABILITIES
Creditors:  amounts falling within one year                    135       4,764                 28       4,876

Total assets less current liabilities                                    5,232                          4,876

CAPITAL AND RESERVES
Called-up equity share capital                                             486                            486
Share premium account                                                    4,427                          4,427
Profit and loss account                                                    319                           (37)

SHAREHOLDERS' FUNDS                                                      5,232                          4,876




COMPANY BALANCE SHEET

At 30 September 2005
                                                                   30 Sep 2005                   30 Sep 2004
                                                                      £'000                         £'000

FIXED ASSETS
Tangible fixed assets                                                              4                             -

                                                                                   4                             -
CURRENT ASSETS
Debtors                                                               60                            55
Investments                                                            -                           397
Cash at bank                                                       4,839                         4,452

                                                                   4,899                         4,904

CURRENT LIABILITIES
Creditors:  amounts falling within one year                          135       4,764                28       4,876

Total assets less current liabilities                                          4,768                         4,876

CAPITAL AND RESERVES
Called-up equity share capital                                                   486                           486
Share premium account                                                          4,427                         4,427
Profit and loss account                                                        (145)                          (37)

SHAREHOLDERS' FUNDS                                                            4,768                         4,876


CONSOLIDATED CASHFLOW STATEMENT

For the year ended 30 September 2005

                                                                             Notes    Year ended 30  Period from 22
                                                                                             Sep 05    Sep 03 to 30
                                                                                                             Sep 04
                                                                                              £'000           £'000

Net cash inflow / (outflow) from operating activities                            a              231           (615)

Returns on the investments and servicing of finance
Dividends received                                                                               34               -
Interest received                                                                               127             154

Net cash flow from returns on investments and servicing of finance                              161             154

Cash inflow / (outflow) before management of liquid resources and                               392           (461)
financing

Management of liquid resources
Decrease / (increase) in funds placed on short term deposit                                   2,308         (4,400)

Acquisitions and disposals
Investment in joint venture                                                                     (1)               -
Capital expenditure                                                                             (4)               -

Financing
Issue of equity share capital                                                                     -             486
Share premium on issue of equity share capital                                                    -           4,427
Net cash inflow from financing                                                                    -           4,913

Increase in cash                                                                 b            2,695              52



NOTES TO THE CASH FLOW STATEMENT

     
a)   RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
     ACTIVITIES

                                                                                    Year Ended 30  Period from 22
                                                                                           Sep 05    Sep 03 to 30
                                                                                                           Sep 04
                                                                                            £'000           £'000

Operating loss                                                                              (284)           (208)
Increase / (Decrease) in debtors                                                                9            (38)
Increase / (Decrease) in current asset investments                                            397           (397)
Increase in creditors                                                                         109              28

Net cash inflow / (outflow) from operating activities                                         231           (615)

     
b)   RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                                        30 Sep 05       30 Sep 04
                                                                                            £'000           £'000

Increase in cash in the period                                                              2,695              52
Cash (outflow) / inflow to short term deposits                                            (2,308)           4,400

                                                                                              387           4,452
Opening net funds                                                                           4,452               -

Closing net funds                                                                           4,839           4,452


CONSOLIDATED CASHFLOW STATEMENT

For the year ended 30 September 2005

     
c)   ANALYSIS OF CHANGES IN NET FUNDS
                                                                                 At                           At
                                                                         1 Oct 2004    Cashflows    30 Sept 2005
                                                                              £'000        £'000           £'000
Net cash:
Cash in hand and at bank                                                         52        2,695           2,747
Short term deposits*                                                          4,400      (2,308)           2,092

Net Funds                                                                     4,452          387           4,839


*  Short term deposits are included within cash at bank in the balance sheet


Notes:
     
1.   The financial information above does not constitute statutory accounts 
     within the meaning of Section 240 Companies Act 1985 as amended (the 
     'Act').  Full accounts in respect of the year ended 30 September 2005, on 
     which the auditors reported without qualification and which contained no 
     statement under Section 237(2) or (3) of the Act, will be delivered to the 
     Registrar of Companies in due course.
     
2.   Basic and fully diluted earnings per share have been calculated on the 
     basis of a profit after tax of £356,000 and on the number of shares in 
     issue being the weighted average number of shares in issue during the 
     period of 9,722,001.  The weighted average number of shares on a fully 
     diluted basis was 10,389,668 which assumes the exercise of options over 
     667,667 shares at the start of the period.  No adjustment has been made in 
     respect of the exercise of options which were anti-dilutive throughout the 
     period.

3.   The directors are not proposing that a dividend payment be made.

4.   The Report and Accounts for the year ended 30 September 2005 will be posted 
     to shareholders shortly and copies may be obtained free of charge for at 
     least one month following their posting by writing to The Secretary, The
     Conygar Investment Company PLC, First Floor, 122 Wigmore Street, London 
     W1U 3RX.

5.   The Company's Annual General Meeting will be held at 3.00 p.m. on 
     Wednesday, 1 February 2006 at the offices of the Company, First Floor, 
     122 Wigmore Street, London W1U 3RX.


Enquiries:

The Conygar Investment Company PLC

Robert Ware     020 7725 0360


The directors of Conygar accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conygar (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.






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