Interim Results

Gresham House PLC 26 September 2001 CHAIRMAN'S INTERIM STATEMENT Dear Shareholder, The results for the half year ended 30th June, 2001 show a return on ordinary activities after taxation for the combined Revenue and Capital Accounts of £1.05m against £12.8m for the comparable period last year. Whilst these results are, as expected, not as dramatic as those last year which were largely due to our holding in Transense Technologies plc, both dividend and interest income and rental income have increased compared with the results for the half year to 30th June, 2000 although expenses have also increased primarily as a result of increased payroll costs and professional fees incurred relating to continuing work on our property portfolio. The Balance Sheet shows an improvement in the fully diluted Net Asset Value per ordinary share of 548.4p as at 30th June, 2001, an increase of 3.9% since the year end. Shareholders will note that the major movement during the period has been an increase in the Investments in Securities with a similar reduction in Current assets. During the period a further 75,000 ordinary shares were issued at par as a result of the exercise of options under both the Approved and Unapproved Share Option Schemes. Since that time of course, following the atrocities in the United States, stockmarkets worldwide have fallen considerably, with the FTSE 100 index being its lowest for four years. This has therefore affected the valuation of our investment portfolio since the half year end. Our largest holding is still 210,000 ordinary shares in Transense Technologies plc which has fallen from £22.88 per share at the period end to £9.875 per share as at close of business on 25th September. Proposals with regard to the 2.5% Gresham House Finance plc Secured Loan Stock due for repayment on 31st December, 2001 are expected to be issued shortly. A P Stirling Chairman 26th September, 2001 UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RETURN for the Half year ended 30 June, 2001 6 months to 6 months to 30th June, 2001 30th June, 2000 Unaudited Unaudited Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 529 529 - 8,446 8,446 Income: Dividend and interest income 251 - 251 199 - 199 Rental income 1,573 - 1,573 1,387 - 1,387 Income from subsidiaries 193 - 193 4,048 - 4,048 Other Expenses (791) - (791) (505) - (505) Net return before finance costs and taxation 1,226 529 1,755 5,129 8,446 13,575 Interest payable and similar charges (704) - (704) (786) - (786) Discount on loan acquired - - - - Return on ordinary activities before taxation 522 529 1,051 4,343 8,446 12,789 Taxation - - (14) (14) Return on ordinary activities after taxation attributable to equity shareholders 522 529 1,051 4,329 8,446 12,775 Interim dividend - Equity shares - - - - - - Transfer to reserves 522 529 1,051 4,329 8,446 12,775 Basic return per Ordinary Share 12.1p 12.3p 24.4p 102.1p 199.3p 301.4p Diluted return per ordinary Share 11.5p 11.7p 23.2p 95.3p 185.9p 281.2p 12 months to 31st December, 2000 Audited Revenue Capital Total £'000 £'000 £'000 Gains on investments - 10,047 10,047 Income: Dividend and interest income 431 431 Rental income 3,101 3,101 Income from subsidiaries 5,057 5,057 Other Expenses (2,405) (2,405) Net return before finance costs and taxation 6,184 10,047 16,231 Interest payable and similar charges (1,513) (1,513) Discount on loan acquired 525 525 Return on ordinary activities before taxation 5,196 10,047 15,243 Taxation (6) (6) Return on ordinary activities after taxation attributable to equity shareholders 5,190 10,047 15,237 Interim dividend - Equity shares (64) (64) Transfer to reserves 5,126 10,047 15,173 Basic return per Ordinary Share 122.4p 237.0p 359.4p Diluted return per Ordinary Share 115.1p 222.9p 338.0p All revenue capital items in the above statement derive from continuing operations UNAUDITED CONSOLIDATED BALANCE SHEET as at 30th June 2001 30th June, 30th June, 31st December, 2001 2000 2000 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Investments Securities 12,463 7,067 8,631 Properties 27,131 27,620 27,731 Tangible assets 413 495 485 40,007 35,182 36,847 Current assets 10,181 11,689 13,131 Creditors - amounts falling due within one year 9,628 2,949 10,086 Net current assets 553 8,740 3,045 Total assets less current liabilities 40,560 43,922 39,892 Creditors - amounts falling due after more than one year 15,420 22,263 15,822 25,140 21,659 24,070 Capital and reserves Called up share capital 1,092 1,060 1,073 Share premium account 242 242 242 Other reserves Revaluation reserve 7,829 7,829 7,829 Capital reserve - realised 22,934 21,812 22,919 Capital reserve - unrealised 5,708 4,700 5,194 Revenue reserves (12,665) (13,984) (13,187) Equity shareholders' funds 25,140 21,659 24,070 Net asset value per ordinary share Basic 575.5p 511.1p 560.7p Diluted 548.4p 476.8p 527.8p UNAUDITED GROUP CASH FLOW STATEMENT for the Half Year to 30th June, 2001 30th June, 30th June, 31st December, 2001 2000 2000 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 Cashflow from operating activities Investment income received 31 14 55 Interest received 194 183 370 Rental income received 1,492 1,503 3,113 Other cash receipts / (payments) (1,320) 4,052 3,456 Net cash inflow from operating activities 397 5,752 6,994 (Note 2) Returns on Investment and servicing of finance Interest paid on 2.5% Secured Redeemable Loan Stock, 2001 (76) (76) (152) Interest paid on property loans (751) (695) (1,061) Net cash outflow from Investments and servicing of finance (827) (771) (1,213) Capital expenditure and financial investment Sale / (purchase) of tangible assets 253 (20) (32) Purchase of investments (3,843) (997) (1,814) Sale of Investments 540 4,431 5,810 Net loans repaid / (advanced) 54 (378) (435) Purchase of investment properties (51) - (686) Sale of investment properties 651 Purchase of developments in hand (224) (576) (1,706) Net cash (outflow) / inflow from capital expenditure and financial Investment (2,620) 2,460 1,137 Corporation tax paid - - - Equity dividends paid (64) (42) (42) Cash (outflow) / Inflow before use of liquid resources and financing (3,114) 7,399 6,876 Management of liquid resources (Acquisition)/ sale of listed securities held for dealing (186) (93) 180 Financing Repayment of loans (323) (2,624) (2,823) Share capital issued at par 19 - 13 (304) (2,624) (2,810) (Decrease)/Increase In cash (3,604) 4,682 4,246 (Note 3) STATEMENT OF MOVEMENT IN SHAREHOLDERS' FUNDS 6 months to 6 months to 12 months to 30th June, 30 June, 31st December, 2001 2000 2000 £'000 £'000 £'000 Retained profit for the period 522 4,329 5,126 Net movement on capital reserves 529 8,446 10,047 Exercise of options to subscribe for share capital 19 - 13 1,070 12,775 15,186 Shareholders' funds at beginning of period 24,070 8,884 8,884 Shareholders' funds at end of period 25,140 21,659 24,070 NOTES TO THE INTERIM STATEMENT 1 Basis of Preparation (a) The interim statement has been prepared in accordance with the accounting policies set out in the Group's Report and Accounts for the year ended 31st December, 2000. (b) The Interim statement is neither audited nor reviewed. The figures for the year ended 31st December, 2000 do not comprise statutory accounts for the purpose of Section 240 of the Companies Act 1985 and have been extracted from the Group's full accounts for that year, which received an unqualified Auditors' Report and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The accounts have been filed with the Registrar of Companies. (c) Following the Company's normal accounting practice the figures do not take into account the results of significant investments except for dividends received which amounted to £1,717 (2000; £2,119) 2. Reconciliation of operating profit to operating cash flows. 6 months to 6 months to 12 months to 30th June, 30th June, 31st December, 2001 2000 2000 £'000 £'000 £'000 Return on ordinary activities before taxation 522 4,343 5,196 Interest payable 704 786 1,513 1,226 5,129 6,709 Depreciation 9 10 32 Discount on acquisition of loan - - (525) Profit on sale of tangible assets (189) Provision against loans and guarantees - 145 - Taxation on investment income - (3) - Corporation tax adjustment - (10) (6) (Increase) / decrease in debtors (388) 211 (31) (Decrease) / increase in creditors (261) 270 815 Net cash flow from operating activities 397 5,752 6,994 3. Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash for the period (3,604) 4,682 4,246 Cash outflow from repayment of debt 323 2,624 2,823 Cash outflow/inflow) from increase/(decrease) in liquid resources 186 93 (180) Change in net debt resulting from cash flows (3,095) 7,399 6,889 Discount on acquisition of loan by group undertaking - 525 525 Movement in net debt in the period (3,095) 7,924 7,414 Net debt at beginning of period (13,946) (21,360) (21,360) Net debt at end of period (17,041) (13,436) (13,946) 4. Analysis of net debt Other At 1st Cash non-cash At 30th January, Flow changes June, 2001 2001 £'000 £'000 £'000 £'000 Cash at bank 2,123 (198) 1,925 Cash at brokers 6,684 (3,496) 3,188 Overdrafts (90) 90 - (3,604) Debt due within one year (6,970) 323 (401) (7,048) Debt due after one year (15,822) - 401 (15,421) (3,281) Current asset investments 129 186 315 (13,946) (3,095) - (17,041) It is proposed that copies of the Group's Interim Results will be sent to shareholders by 5th October, 2001 and will be available at the registered office, 36 Elder Street, London E1 6BT, from that date.

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