Interim Results

Billam PLC
30 September 2002



                                 Interim Report
                     For the six months ended 30 June 2002



Directors:                               V N Beamish (Chairman)
                                         A G P Forrest
                                         J A Hoskins
                                         M B A Lorimer

Advisor to the Board                     P L Hoskins

Registered office:                       32 Clerkenwell Green, London, EC1R 0DU


Secretary:                               Diplema Corporate Services Limited
                                         1 Gresham Street, London, EC2V 7BU

Company number                           298654

Bankers                                  National Westminster Bank Plc

Solicitors                               Pinsent Curtis Biddle
                                         69 Old Broad Street, London, EC2M 1NR

Auditors                                 Grant Thornton
                                         28 Kenwood Park Road, Sheffield, S7 1NG

Nominated Advisor and Nominated          KBC Peel Hunt Ltd
Broker                                   62 Threadneedle Street, London EC2R 8HP

Registrar                                Northern Registrars Limited
                                         Penistone Road, Fenay Bridge
                                         Huddersfield, HD8 0LA

Investor relations                       Peter Hoskins


For further information                  020 7336 1300



Chairman's statement

Despite the depressed state of markets during the first six months of 2002 which
have witnessed volatility in all share prices I believe your Company remains in
good shape.  As previously stated we are committed to long term growth which we
feel will be more clearly demonstrated at the full year.

Against the trend which has witnessed strong organic growth within the majority
of our portfolio of companies we have seen a decline in net asset values as at
30 June 2002.  This is primarily attributable to the drop in share prices of our
quoted stocks.  At 30 September 2002, end Q3, Billam Plc's net asset value per
0.1 p share has recovered to 0.9p.

I would like to thank shareholders for their patience and look forward to
continued future growth.


Victor Beamish
Chairman



Consolidated statement of total return (unaudited)

                           Six months to 30 June 2002      Six months to 30 June 2001         Year to 31 December 2001
                          Revenue   Capital     Total     Revenue   Capital     Total      Revenue   Capital     Total
                            £'000     £'000     £'000       £'000     £'000     £'000        £'000     £'000     £'000

  Realised gains on             -       155       155           -       199       199            -         -         -
  investments                                                                                                         

  Net change in                 -   (3,115)   (3,115)           -     6,678     6,678            -     2,841     2,841
  unrealised                                                                                                          
  appreciation                                                                                                        

  Income                      238         -       238         213         -       213          510         -       510

  Gross return                238   (2,960)   (2,722)         213     6,877     7,090          510     2,841     3,351

  Administrative            (451)         -     (451)       (599)         -     (599)      (1,210)         -   (1,210)
  expenses                                                                                                            

  Interest payable              -         -         -           -         -         -          (1)         -       (1)

  Return before             (213)   (2,960)   (3,173)       (386)     6,877     6,491        (701)     2,841     2,140
  taxation                                                                                                            

  Provision for             (150)       906       756           -   (1,969)   (1,969)          150     (406)     (256)
  taxation                                                                                                            

  Return after              (363)   (2,054)   (2,417)       (386)     4,908     4,522        (551)     2,435     1,884
  taxation                                                                                                            

  Minority interests         (25)         -      (25)           -         -         -           10         -        10

  Transfer to               (388)   (2,054)   (2,442)       (386)     4,908     4,522        (541)     2,435     1,894
  reserves                                                                                                            

  Return pence per         (0.03)    (0.18)    (0.21)      (0.05)      0.58      0.53       (0.06)      0.27      0.21
  ordinary share (4)                                                                                                  



Consolidated balance sheet as at 30 June 2002 (unaudited)


                                                                   30 June       30 June   31 December
                                                                      2002          2001          2001
                                                                     £'000         £'000         £'000

Fixed assets
Negative goodwill                                                     (60)             -          (60)
Tangible assets                                                          4             1             2
Investments                                                          8,216        13,443        11,272
                                                                     8,160        13,344        11,214

Current assets
Debtors                                                                316           104            62
Cash at bank and in hand                                               306           158           863
                                                                       622           262           925

Creditors: amounts falling due within one year                       (711)         (138)         (862)

Net current assets / liabilities                                      (89)           124            63

Total assets less current liabilities                                8,071        13,468        11,277

Provisions for liabilities and charges                                   -       (2,619)         (756)
                                                                     8,071        10,849        10,521

Minority interests                                                    (21)             -             2

Total net assets                                                     8,050        10,849        10,523

Financed by:
Called up share capital                                              1,345         1,010         1,295

Share capital to be issued                                               -             -           344

Share premium account                                                4,640         4,640         4,640

Merger reserve                                                       1,736             -         1,680

Capital reserve unrealised                                           1,332         6,029         3,565

Capital reserve realised                                               346           199           190

Revenue account                                                    (1,349)       (1,029)       (1,191)

Shareholders' funds                                                  8,050        10,849        10,523

Total shareholders' funds are attributable to:
Equity interests - ordinary shareholders' funds                      7,892        10,691        10,365
Non equity interests                                                   158           158           158

                                                                     8,050        10,849        10,523

Net asset value pence per share (7)
Ordinary shares                                                       0.66          1.30          0.91
Deferred shares                                                       0.10          0.10          0.10




Consolidated Cash Flow Statement (Unaudited)

                                                              Six months to    Six months      Year ended
                                                                    30 June    to 30 June     31 December
                                                                       2002          2001            2001
                                                                      £'000         £'000           £'000
                                                                                     
                                                                                
Net cash outflow from operating activities                            (217)         (386)             220
Net cash outflow from returns on servicing of finance                     -             -             (1)
Net cash inflow from sale of investments                                647           500             500
Purchase of fixed assets                                                (2)             -               -
Increase in debtors                                                   (254)           203               -
Decrease in creditors                                                 (151)           104               -
Net cash acquired from subsidiary undertaking                             -             -             830
Net cash outflow from investment                                      (580)       (1,064)         (1,498)
Net cash inflow from financing                                            -            50              50

Increase/decrease in cash for the period                              (557)         (593)             101


Notes:


1.  Basis of preparation

The unaudited interim results have been prepared on the basis of the accounting
policies set out in the statutory accounts of the Company for the year ended 31
December 2001.


2.  Comparatives

Comparatives are shown for the six months to 30 June 2001 and year to 31
December 2001.


3.  Results for the year ended 31 December 2001

The results for the year ended 31 December 2001 are a non-statutory version of
the full report and accounts for that year, which have been filed with the
Registrar of Companies on which the auditors reported under Section 235 of the
Companies Act 1985.  The report contained no qualifications, in respect of the
year ended 31 December 2001, or any statement under Section 237(2) or (3) of the
said Act.


4.  Returns

Returns per Ordinary Share are based on the weighted average number of ordinary
shares in issue during the period 1,173,670,026 Ordinary and 157,950,000
deferred shares in issue ( year to 31 December 2001 883,160,990 Ordinary and
157,950,000 deferred shares).


5.  Taxation

No tax provision was considered necessary on the unrealised gain.


6.  Dividends

The Directors do not recommend the payment of an interim dividend.


7.  Net asset value per share

Net asset value per Ordinary Share is based on the net assets attributable to
Ordinary shareholders at the period end and 1,187,231,147 Ordinary and
157,950,000 deferred shares in issue at the period end (at 31 December 2001
1,137,339,329 Ordinary and 157,950,000 deferred shares). At 30 September 2002,
end Q3, Billam Plc's net asset value per 0.1 p share has recovered to 0.9p.

Copies of this announcement will be available for collection, free of charge,
from Billam's offices, 32 Clerkenwell Green, London EC1R 0DU for a period of one
month from the date of this announcement.


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