Interim Results

Conygar Investment Company PLC(The)
09 June 2004

                       The Conygar Investment Company PLC

                                Interim Results

                       for the period ended 31 March 2004


Chairman's Statement

It has been an interesting period for the company spent identifying and
evaluating suitable investment opportunities, following the successful admission
of the company's shares to the Alternative Investment Market (AIM) of the London
Stock Exchange in October 2003.  As stated in our Admission Document, the
company strategy remains to invest in property assets and companies with
property assets where we can add significant value.  We have a continuous
pipeline of opportunities which are being evaluated and are at various stages of
negotiations.

During the period from incorporation to 31 March 2004, the company recorded a
small loss of £2,000.  The company works hard to minimise administrative
overhead and we are careful to ensure that we do not incur excessive costs in
evaluating potential transactions.  Much of this work is undertaken in-house.

We have been particularly pleased by the response from our shareholders and when
approached by further potential investors in February of this year were more
than happy to place a further 522,000 shares with them at a price of 90 pence
per share thereby increasing funds for investment.  We had a cash balance of
£4.9 million at 31 March 2004.

The directors do not propose to consider a dividend payment at this early stage
of the company's development but will review the dividend position at an
appropriate time.

I am also pleased to welcome Steven Vaughan onto our board.  Steven has been
involved with the company from the outset and has been employed in sourcing and
evaluating various transactions and opportunities.  Steven is a chartered
surveyor and was previously a senior executive at MEPC Limited.  His experience
with property development and investment will be invaluable and he strengthens
the team yet further.  He will be appointed upon the same terms as the existing
directors.

The board is confident about the future prospects of the company and will
continue to keep shareholders informed of the company's progress.

R T E Ware
Chairman


8 June 2004


Consolidated Profit and Loss Account

Period to 31 March 2004


                                                                                    Period to
                                                                                     31 March
                                                                                         2004
                                                                                        £'000

Administrative expenses                                                                    74

Operating profit / (loss)                                                                (74)

Profit / (loss) on ordinary activities before interest                                   (74)

Interest receivable                                                                        72

Profit / (loss) on ordinary activities before taxation                                    (2)

Taxation on profit / (loss) on ordinary activities                                         -

Profit / (loss) on ordinary activities after taxation                                     (2)

Profit / (loss) for the financial period                                                  (2)

Dividends                                                                                  -

Retained Profit / (Loss)                                                                  (2)

Loss per share (pence)

Basic                                                                                 (0.03)p

Fully diluted                                                                         (0.02)p



No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.



Consolidated Balance Sheet

As at 31 March 2004


                                                                                     31 March
                                                                                         2004
                                                                                        £'000

Fixed assets
Investments                                                                                33
                                                                                           33

Current assets
Debtors                                                                                    31
Cash at bank                                                                            4,903
                                                                                        4,934

Current liabilities
Creditors:
Amounts falling due within one year
Other creditors, accruals and deferred income                                              36
                                                                                           36

Net current assets                                                                      4,898

Total assets less current liabilities                                                   4,931

Creditors:
Amounts falling due after more than one year                                               -

Net Assets                                                                              4,931

Represented by:

Capital and Reserves

Called up share capital                                                                   486
Share Premium account                                                                   4,447
Profit and loss account                                                                   (2)

Equity Shareholders' Funds                                                              4,931




Consolidated Cash Flow Statement

Period to 31 March 2004
                                                                                    Period to
                                                                                     31 March
                                                                                         2004
                                                                                        £'000

Cash flow statement

Net cash inflow / (outflow) from operating
Activities                                                                               (69)

Returns on investment & servicing of finance                                               72

Acquisitions                                                                             (33)
                                                                                         (30)

Financing                                                                               4,933

Increase / (decrease) in cash in period                                                 4,903

Reconciliation of net cash flow to movement in
Net debt

Increase / (decrease) in cash in period                                                 4,903

Net cash at start of period                                                                -
Net cash at end of period                                                               4,903



Notes to the Interim Results

1.             Basis of Preparation

The interim results for the period ended 31 March 2004 have been prepared in
accordance with applicable United Kingdom accounting standards and are
unaudited.  They do not comprise full financial statements within the meaning of
the Companies Act 1985 and have neither been reported upon by the auditors under
Section 235 of the Companies Act 1985 nor reviewed in accordance with Accounting
Practice Board Bulletin 1999/4.

The board of directors approved the above results on 8 June 2004.

Copies of the interim report may be obtained from the Company Secretary, The
Conygar Investment Company PLC, 4th Floor, 25 Green Street, London W1K 7AX.



2.             Reconciliation of Movement in Equity Shareholders' Funds


                                                                                        £'000

Loss for period                                                                           (2)
New Share capital issued net of costs                                                   4,933
                                                                                        4,931

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



                                                                                        £'000

Operating loss                                                                           (74)
(Increase) / decrease in debtors                                                         (31)
(Decrease) / increase in creditors                                                         36
Net cash outflow from operating activities                                               (69)


4.             Analysis of changes in net debt


                                                                  At 22    Cash Flows         Other        At 31
                                                              September                     Changes        March
                                                                   2003                                     2004
                                                                  £'000         £'000         £'000        £'000

Cash at bank and in hand                                             -          4,903             -        4,903
                                                                     -          4,903             -        4,903




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