Final Results

ADVANCE FOCUS FUND LIMITED

Preliminary announcement of results for the year ended 30 September
2007

CHAIRMAN'S STATEMENT

For the year to 30 September 2007 the Company's total return was -2.0
per cent. This was  a disappointing performance  over a period  which
saw the FTSE All-Share  Total Return Index deliver  a 12.2 per  cent.
return. The Company's share price at  the end of September was  126.0
pence, representing a 2.8 per cent. discount to the closing net asset
value per share.

The net revenue  return for  the year was  1.5 pence  per share.  The
Board is  recommending  a final  dividend  of 1.5  pence  per  share,
payable on 12  March 2008  to shareholders on  the register  as at  8
February 2008.
For the most part the period was one of rising markets and  unusually
low volatility.  This changed  as we  went into  the summer  and  the
extent of the problem with sub-prime lending was revealed. Thereafter
markets repeatedly surged  and fell back  as politicians and  central
bankers tried to calm things down. Mining stocks, which generally  do
not fit with our investment approach, have been the winners over  the
year and the lack of exposure to these (with the exception of UK Coal
which is more of a property play)  was one factor that held back  our
relative performance. The Manager's Report  goes into some detail  on
each investment held within the portfolio during the year.
In accordance with the Company's Articles of Association a resolution
will be put to the Annual General Meeting to approve the continuation
of the Company. The Board believes there  is a place for a UK  equity
fund  that  offers  a  genuinely  different  approach  to   achieving
outperformance  against  the  FTSE  All-Share  Index,  but  a  longer
economic cycle is probably  necessary for this than  the Fund has  so
far covered.  In addition,  the Company  has suffered  from size  and
liquidity constraints  and a  number of  shareholders have  indicated
that they would not support continuation  of the Fund in its  present
form.

In the circumstances, therefore, the directors do not think they  can
support a  vote  for  continuation and  recommend  that  the  Company
proceeds to an orderly realisation  of its investments and return  of
funds to shareholders as soon as possible.

If the  continuation  resolution  is  rejected,  then  the  procedure
afterwards, in accordance with the Company's Articles of Association,
will be  that a  notice convening  an extraordinary  meeting will  be
issued shortly  thereafter,  at  which proposals  for  the  Company's
future will be considered. Against the background of an expected vote
not to  continue, the  board  have instructed  the Manager  to  begin
realising holdings in an orderly manner and to invest the proceeds in
market related instruments.

Christopher Clark
21 January 2008



INCOME STATEMENT
For the year ended 30 September 2007



                                                       2007                      2006
                                              Revenue Capital   Total   Revenue Capital  Total
                                                £'000   £'000   £'000     £'000   £'000  £'000
Gains on
investments
- realised                                          -   2,194   2,194         -   3,221  3,221
- unrealised                                        - (3,262) (3,262)         -   1,667  1,667
Net gains                                           - (1,068) (1,068)         -   4,888  4,888
Income                                            964       -     964     1,107       -  1,107

Investment management fee                       (343)       -   (343)     (304)   (162)  (466)
Other expenses                                  (235)       -   (235)     (227)       -  (227)
Return on ordinary activities                     386 (1,068)   (682)       576   4,726  5,302

Return per Redeemable Preference Share          1.54p (4.25)p (2.71)p     2.27p  18.64p 20.91p




All revenue  and capital  items in  the above  statement derive  from
continuing operations.

A Statement of Total Recognised Gains  and Losses is not required  as
all the gains and  losses of the Company  have been reflected in  the
above statement.



BALANCE SHEET
At 30 September 2007


                                                    2007      2006
                                                   £'000     £'000


FIXED ASSETS
Investments                                       32,116    31,493

CURRENT ASSETS
Sales for future settlements                           -       700
Other debtors                                        136       132
Cash at bank and in hand                             425     1,465
                                                     561     2,297

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued liabilities                                 (90)     (107)
Performance Fee                                        -     (162)
                                                    (90)     (269)


NET CURRENT ASSETS                                   471     2,028


TOTAL NET ASSETS                                  32,587    33,521

CAPITAL AND RESERVES

Share capital                                        252       252
Share premium account                             19,052    19,052
Share purchase reserve                             6,217     6,217
Capital redemption reserve                            17        17
Realised capital reserve                           7,822     5,628
Unrealised capital reserve                       (1,333)     1,929
Revenue reserve                                      560       426
SHAREHOLDERS' FUNDS                               32,587    33,521

Net assets per Redeemable Preference Share       129.64p   133.35p




RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

For the year ended 30 September 2007



                         Share    Share    Capital Realised Unrealised
                Share  Premium Purchase Redemption  Capital    Capital Revenue
              Capital  Account  Reserve    Reserve  Reserve    Reserve Reserve  Total
                £'000    £'000    £'000      £'000    £'000      £'000   £'000  £'000
Opening           252   19,052    6,217         17    5,628      1,929     426 33,521
shareholders'
funds
Profit/(loss)       -        -        -          -    2,194    (3,262)     386  (682)
for the year
Dividend paid       -        -        -          -        -          -   (252)  (252)
(Feb 2007)
Closing           252   19,052    6,217         17    7,822    (1,333)     560 32,587
shareholders'
funds



For the year ended 30 September 2006



                         Share    Share    Capital Realised Unrealised
                Share  Premium Purchase Redemption  Capital    Capital Revenue
              Capital  Account  Reserve    Reserve  Reserve    Reserve Reserve   Total
                £'000    £'000    £'000      £'000    £'000      £'000   £'000   £'000
Opening           269   19,052    8,069          -    2,569        262   (150)  30,071
shareholders'
funds
Adjustment to
opening
balance for         -        -        -          -        -      (187)       -   (187)
bid price
valuation of
investments
Purchase of      (17)        -  (1,852)         17        -          -       - (1,852)
own shares
Profit for          -        -        -          -    3,059      1,854     576   5,489
the year
Closing           252   19,052    6,217         17    5,628      1,929     426  33,521
shareholders'
funds



CASH FLOW STATEMENT
For the year ended 30 September 2007



                                                        2007     2006
                                                       £'000    £'000

OPERATING ACTIVITIES
Cash inflow from investment income and bank              960    1,110
interest
Cash outflow from management expenses                  (757)    (474)

Cash inflow from disposal of investments              14,105   13,668
Cash outflow from purchase of investments           (15,096) (12,517)

                                                       (788)    1,787
NET CASH FLOW FROM OPERATING ACTIVITIES

FINANCING
Repurchase of own shares                                   -  (1,852)
Equity dividends paid                                  (252)        -

DECREASE IN CASH                                     (1,040)     (65)





                           2007  2006
                          £'000 £'000
Opening balance           1,465 1,530

Cash inflow /(outflow)  (1,040)  (65)

Balance at 30 September     425 1,465




NOTES

The Company  is a  closed-ended investment  company incorporated  and
resident in Guernsey.

This report has  been prepared in  accordance with applicable  United
Kingdom accounting standards  and with the  Statement of  Recommended
Practice 'Financial Statements of Investment Trust Companies ("SORP")
issued by the Association of Investment Companies.  The accounts have
been prepared in accordance  with the SORP as  it is considered  best
practice.  The Company is not an investment trust and as an  overseas
company does not meet all the criteria set out in the SORP.


Returns per share
Return per Redeemable preference share is based on the weighted
average of 25,137,453 (2006: 25,137,453) Redeemable Preference Shares
in issue during the year.

Net assets per share
The figure for net assets per Redeemable Preference Share is based on
25,137,453 (2006: 25,137,453) Redeemable Preference Shares in issue
at the Balance Sheet date.

Dividend
The directors recommend a final dividend of 1.5p per share.   If
approved by shareholders at the Annual General Meeting, the dividend
will be paid on 12 March 2008 to shareholders on the register at 8
February 2008.

Status of the financial information
These financial statements are not the Company's statutory accounts.
The annual report  will be sent  to shareholders and  copies will  be
made available to the public at the registered office of the  Company
and at the address of the UK Administration Agent.

Annual General Meeting
The Annual General Meeting will be held on 5 March 2008 at 9 a.m. at
the registered office of the Company.

The preliminary announcement was approved by the Board on 21 January
2008.



REGISTERED OFFICE
1 Le Marchant Street
St Peter Port
Guernsey
GY1 4HP

UK ADMINISTRATION AGENT
Cavendish Administration Limited
145-157 St John Street
London
EC1V 4RU

21 January 2008

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