Interim Results

White Knight Investments PLC
13 December 2002



                          WHITE KNIGHT INVESTMENTS PLC

                           REGISTERED NUMBER: 3937466

                                 INTERIM REPORT

                                      FOR

                     THE SIX MONTHS ENDED 30 SEPTEMBER 2002


INTERIM STATEMENT


The company reports a trading loss for the six months ended 30 September 2002
amounting to £29,467.


The Board continues to investigate opportunities to restore shareholder value.
However, as yet the Directors have not identified any sufficiently attractive
enough to recommend to shareholders.


Although the Board hoped to report on a positive note in due course, the
continued uncertainty in financial markets has limited the opportunities
available.  In the circumstances, capital preservation, particularly cash,
continues to be a management discipline.


By Order of the Board

N A Steinberg
Finance Director

12 December 2002

                                                      UNAUDITED PROFIT AND LOSS ACCOUNT 
                                                      Six Months Ended 30 September 2002 

                                                           Six Months     Year Ended 
                                                        Ended 30.9.2002   31.3.2002 
                                                                    £             £ 
 
Administrative expenses                                      (37,455)      (87,738)       
                                                                                                         
Loss on disposal of fixed asset investments                         -           (5)            
                                                           ----------      --------       
                                                             (37,455)      (87,743)       
                                                                                                         
Interest receivable                                             7,988        24,150         
                                                            ---------     ---------      
(Loss) on ordinary activities before taxation                (29,467)      (63,593)                     
                                                                                                         
Tax on (loss) on ordinary activities                                -             -              
                                                            ---------     ---------      
(Loss) for the financial period                              (29,467)      (63,593)       
                                                                =====         =====          
                                                                                                         
(Loss) per ordinary share - basic                             (0.02p)       (0.05p)        
 
 
                                  UNAUDITED BALANCE SHEET AS AT 30 SEPTEMBER 2002 
 
                                                  30 September                  31 March                                
                                                      2002                        2002                                  
       
                                                  £          £               £              £             
                                                                                                                     
   FIXED ASSETS                                                                                                      

   Investments                                          29,205                         29,205                        
                                                                                                                     
   CURRENT ASSETS                                                                                                    

   Debtors                                   13,387                          -                                          
  
   Cash at bank and in hand                  589,816                   651,551                                       
                                          ----------                ----------                    
                                             603,203                   651,551                       

   CREDITORS: Amounts falling                                                                                        
   due within one year                        27,937                    46,818                                        
                                           ---------               -----------                   

   NET CURRENT ASSETS                                   575,266                        604,733                       
                                                     ----------                   ------------  

   TOTAL ASSETS LESS CURRENT                                                                                         
   LIABILITIES                                          604,471                        633,938                       
                                                         ======                        =======       
                                                                                                                     
   CAPITAL AND RESERVES                                                                                              

   Called up share capital                            1,300,000                      1,300,000                     
   Share premium account                              1,526,155                      1,526,155                     
   Profit and loss account                          (2,221,684)                    (2,192,217)                   
                                                   ------------                   ------------  
   EQUITY SHAREHOLDERS' FUNDS                           604,471                        633,938                          
                                                        =======                        ======= 
 

                                                             UNAUDITED CASH FLOW STATEMENT 
                                                           Six Months Ended 30 September 2002 
 
                                                             Six Months               Period Ended
                                                           Ended 30.9.2002             31.03.2002

                                                              £              £           £                 £ 
 

       Net cash (outflow)                                                                                        
       from operating activities                                      (69,723)                      (102,575)    
                                                                                                                 
       Returns on investments and                                                                                
       servicing of finance                                                                                      
       Interest receivable                                7,988                     24,150                       
                                                       --------                  ---------                    

       Net cash inflow from returns on                                                                           
       investment and servicing of finance                               7,988                         24,150       
                                                                                                                 
       Capital expenditure and financial investment                                                              

       Investments in subsidiary undertaking                  -                         (1)                          
       Payments to acquire fixed asset                                                                           
       investments                                            -                    (29,200)                     
                                                       --------                ------------                 
                                                                             -                       (29,201)     
                                                                    ----------                    -----------  
       (Decrease) in cash resources                                   (61,735)                      (107,626)    
                                                                        ======                        ======= 


                    NOTES TO THE UNAUDITED INTERIM ACCOUNTS
                       Six Months Ended 30 September 2002


1  The calculation of earnings per share is based on the
   losses of £29,467 and on the number of shares in issue being the adjusted
   weighted average number of shares in issue totalling  130,000,000.

   The fully diluted earnings per share is based on 130,000,000
   ordinary shares allowing for the full exercise of outstanding share purchase
   options and the earnings as stated above.  There is no dilutive effect in the
   period and in the previous period in accordance with FRS 14 paragraph 56.


2  The comparative figures were for the year to 31 March 2002.


3  The interim statement for the period ended 30 September 2002 is
   unaudited and was approved by the Directors on 12 December 2002.  The 
   financial information set out above does not constitute statutory accounts 
   within the meaning of s.240 of the Companies Act 1985.


4  Copies of the Interim Report are available to the public free of
   charge from the company at 138 Park Lane London W1K 7AS during normal office
   hours, Saturdays, Sundays and bank holidays excepted, for 31 days from today.


                      This information is provided by RNS
            The company news service from the London Stock Exchange