Interim Results

LUPUS CAPITAL PLC
14 October 1999


                              Lupus Capital plc                               

            INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1999             
                                                                              
Lupus Capital plc today announced its interim results. 

Highlights are as follows:

* The results relate to the property services operations, the disposal of     
  which was completed on 13 August 1999.  Turnover was £14.6m and pre-tax     
  profit was £229,000.

* Following the sale, Lupus Capital plc is now in a position to pursue its new
  strategy to invest in or acquire small and medium sized public companies    
  which it believes are lacking strategic direction.

* The planned transformation of the Board has now been completed with the     
  appointment of Oliver Stocken as Non-Executive Chairman, with effect from   
  Monday 18 October 1999.  Charles Ryder will then become Chief Executive.

The full text of the Chairman's statement and the interim figures are
below.     



For further information, please contact:

Lupus Capital plc                                 Tel:  [phone]
                                         or       Tel:  [phone]

Charles Ryder, Chairman                                   
James Orr, Finance Director                                   

Merlin Financial                                  Tel:  [phone]
Paul Downes       


Chairman's statement

Introduction

The strategy of Lupus Capital plc ('Lupus') or ('the Company') is to invest
in, or acquire, small and medium sized public companies which it believes are
lacking strategic direction.  Lupus intends to generate significant returns by
providing and, where necessary, implementing, strategic plans for these
companies, including appropriate exit routes.  The Company will therefore
create value by providing a service to shareholders and company boards, as
well as to acquisitive well-run international companies looking to expand and
to diversify their businesses.

Period of transformation

Lupus has undergone very significant change in 1999 including the period
covered by the interim results to 30 June 1999.

In February, an investor group led by Charles Ryder and James Orr acquired a
29.6% stake in the Company, then known as Environmental Property Services plc
('EPS') and a number of Board and management changes ensued.  In April, when
the results for the year ended 31 December 1998 were released, the Company
announced its new strategy, the proposal to change its name to Lupus Capital
plc, and the potential sale of its underlying businesses which were all
involved in property services.

Shareholders confirmed the change of name at the Annual General Meeting held
on   4 June.

On 26 July, the Company announced that it had agreed to sell all of its
property services operations to Environmental Property Services Holdings
Limited ('EPS Holdings') an MBO vehicle led by David Anderson, Managing
Director of these operations.  EPS Holdings is backed by certain funds advised
by Alchemy Partners and by the Bank of Scotland.  The sale of the property
services operations realised a cash consideration of £7.81 million.  In
addition, EPS Holdings undertook to discharge deferred consideration
liabilities amounting to £1.53 million.  On the same day, Lupus announced the
sale of its 29.5% holding in Superframe Group plc for a net cash consideration
of £491,476.

The sale of the property services operations was completed on 13 August
following approval of the sale by shareholders and left the Company
principally with cash, certain quoted investments, freehold properties and
some sundry debtors and creditors.  Most importantly, the sale left Lupus in a
position to pursue its new strategy.

Results

Given the subsequent sale of the property services operations, the Lupus
Group's results for the six months to 30 June 1999 almost entirely relate to
businesses which are no longer part of it.  Nevertheless, for the purposes of
the interim statement these property services operations are referred to as
the continuing operations of the Group while those referred to as discontinued
relate to the housebuilding and pub refurbishment subsidiaries demerged from
the Group in December 1998 into Artisan (UK) plc which is quoted on AIM.

During the period, total sales were £14,606,000 (1998: £19,056,000) and profit
before taxation was £229,000 (1998: £953,000). The property services
operations performed satisfactorily; sales of the continuing operations rose
to £14,606,000 (1998: £8,145,000) and operating profits of the continuing
operations were £377,000 (1998: £327,000).

Dividends

The Board has decided that dividends in future should relate to the success of
the various investments made by the Group although, certainly in the short to
medium term, the emphasis will be on using cash generated from successful
investments for investment in new opportunities.

Given the fundamental transformation in the Group, and more particularly, the
adoption of its new strategy, the Board has therefore declared an interim
dividend of 0.1 pence per share.  This compares to 0.35p paid at the interim
stage in 1998 before the demerger in December of the most profitable part of
the Group and the change of strategy during the course of this year.  The
dividend will be paid on 19 November 1999 to shareholders on the register at
the close of business on 29 October 1999.

Composition of the Board

As I stated at the time of the management buy-in, I intended to step down as
Chairman to become Chief Executive upon the appointment of a Non-Executive
Chairman.  The Board is therefore pleased to announce that Oliver Stocken will
be joining the Board with effect from Monday, 18 October 1999 as Non-Executive
Chairman. Oliver Stocken was, until recently, Group Finance Director of
Barclays PLC and is a Non-Executive Director of a number of companies
including 3i Group, Bunzl, MEPC, Pilkington, The Rank Group and Rutland Trust.

Future Prospects

The sale of the property services operations has left the Group in a position
to pursue its strategy with vigour.  The funds arising from the sale will be
used to invest in or to acquire other quoted companies with the intention of
enhancing shareholder value.  The Board believes there are many such
investment opportunities and a number are currently under consideration.

The Board looks to the future with confidence.


Charles Ryder

 Group profit and loss account



                                Six month          Six month          Year
                             period ended       period ended         ended
                                  30 June            30 June   31 December
                                     1999               1998          1998
                              (Unaudited)        (Unaudited)     (Audited)
                                     £000               £000          £000

Turnover
Continuing operations              14,606              8,145        18,034
Discontinued operations                 -             10,911        20,463
                                  _______            _______       _______
                                   14,606             19,056        38,497

Operating profit
Continuing operations                 377                327           422
Discontinued operations                 -                670           866
                                  _______            _______       _______
                                      377                997         1,288

Exceptional item - 
 restructuring cost                     -                  -          (158)
Interest                             (148)               (44)          (89)
                                   ______             ______        ______
Profit on ordinary activities 
before taxation                       229                953         1,041

Taxation                             (107)              (262)         (388)
                                   ______             ______        ______
Profit on ordinary activities 
after taxation                        122                691           653

Ordinary dividend                     (79)              (243)         (470)
Dividend in specie                      -                  -        (1,755)
                                   ______             ______        ______
Retained profit / (loss)               43                448        (1,572)
                                    =====              =====         =====

Earnings per share                   0.16p              1.00p         0.94p
Diluted earnings per share           0.16p              0.98p         0.93p

Dividend per share                   0.10p              0.35p         0.65p

There were no recognised gains or losses in each period other than the profit
on ordinary activities after taxation.


Group balance sheet

                                  30 June            30 June    31 December
                                     1999               1998           1998
                              (Unaudited)        (Unaudited)      (Audited)
                                     £000               £000           £000

Fixed assets
Intangible fixed assets             3,639                285          3,719
Tangible fixed assets               1,138                696          1,070
Investments                           778                599            484
                                   ______             ______         ______
                                    5,555              1,580          5,273
                                   ______             ______         ______

Current assets
Stocks and work-in-progress         3,380              4,193          2,464
Debtors                             5,457              9,136          6,544
Cash at bank and in hand               68              1,650            864
                                   ______             ______         ______
                                    8,905             14,979          9,872

Creditors: Amounts falling
due within one year                (7,383)            (8,888)        (7,864)
                                   ______             ______         ______

Net current assets                  1,522              6,091          2,008
                                   ______             ______         ______

Total assets less 
current liabilities                 7,077              7,671          7,281

Creditors: Amounts falling
due after more than one year       (2,734)            (1,751)        (2,981)

Provisions for liabilities 
and charges                             -                 (2)             -
                                   ______              ______        ______
Net assets                          4,343               5,918         4,300
                                    =====               =====         =====

Capital and reserves
Called up share capital               378                 347           378
Share premium account               4,410               3,871         4,410
Special reserve                         -                  12             -
Profit and loss account              (445)              1,520          (488)
                                   ______              ______        ______
Equity shareholders' funds          4,343               5,750         4,300
Minority interests (non-equity)         -                 168             -
                                   ______              ______        ______
                                    4,343               5,918         4,300
                                    =====               =====         =====


 Group statement of cash flows



                                Six month           Six month          Year
                             period ended        period ended         ended
                                  30 June             30 June   31 December
                                     1999                1998          1998
                              (Unaudited)         (Unaudited)     (Audited)
                                     £000                £000          £000


Net cash (outflow) / inflow 
 from operating activities           (809)                147         1,379
                                   ______              ______        ______
Returns on investments and
 servicing of finance
Interest received                      31                 191            62
Interest paid                        (175)               (235)         (164)
                                   ______              ______        ______
                                     (144)                (44)         (102)
                                   ______              ______         ______
Taxation
UK Corporation tax paid              (143)               (125)         (273)
                                   ______              ______        ______
Capital expenditure and
financial investment
Sale of tangible fixed assets          49                  59           135
Purchase of tangible fixed assets     (64)               (241)         (130)
Sale of investments                     -                   -           297
Purchase of investments              (294)               (226)         (437)
                                   ______               ______        ______
                                     (309)               (408)         (135)
                                   ______               ______        ______
Acquisitions and disposals
Purchase of subsidiary undertakings    (7)               (246)       (2,769)
Net overdrafts in demerged 
subsidiaries                            -                   -         1,063
Payments to acquire intangible 
fixed assets                            -                   -          (122)
                                   ______              ______        ______
                                       (7)               (246)       (1,828)
                                   ______              ______        ______

Equity dividends paid                (227)               (276)         (519)
                                   ______              ______         ______
Net cash outflow before financing  (1,639)               (952)       (1,478)

Financing
Issue of shares net of costs            -                  50            95
New long term loans                     -               1,000         1,000
Repayment of long term loans         (201)               (152)         (425)
Repayment of capital element
       of finance leases             (162)                 (2)          (34)
                                   ______               ______       ______
Decrease in cash                   (2,002)                (56)         (842)
                                    =====                =====        =====

Reconciliation of net cash flow to movement in net debt

Decrease in cash                  (2,002)                (56)         (842)
Cash inflow from increase in loan      -              (1,000)       (1,000)
Cash outflow from repayment 
of loans                             201                 152           425
Repayment of capital element of 
finance leases                       162                   2            34
                                  ______              ______        ______
Change in net debt from 
cash flows                        (1,639)               (902)       (1,383)
Acquisitions and disposals             -                   -          (199)
New finance leases                  (156)                  -           (35)
                                  ______              ______        ______
Movement in net debt              (1,795)               (902)       (1,617)
Opening net (debt )funds          (1,214)                403           403
                                  ______              ______        ______
Closing net debt                  (3,009)               (499)       (1,214)
                                   =====               =====         =====

Reconciliation of operating profit to net cash flows from operating activities

Operating profit                     377                 997         1,288
Depreciation                         104                  58           123
Amortisation of goodwill              94                   1            32
Movement in stock                   (917)             (1,930)       (1,063)
Movement in debtors                1,011              (1,558)       (2,994)
Movement in creditors             (1,478)              2,579         4,218
Loss on disposal of fixed assets       -                   -             4
Profit on disposal of investments      -                   -           (71)
Fundamental reorganisation costs       -                   -          (158)
                                  ______              ______        ______
                                    (809)                147         1,379
                                   =====               =====         =====

 
Notes to the Interim Statement

1. The interim financial information has been prepared on the basis of the    
   accounting policies set out in the Report and Accounts for the Group for   
   the year ended 31 December 1998.  The interim figures have not been        
   audited.

   The Interim Financial Statement does not constitute statutory accounts     
   within the meaning of Section 240 of the Companies Act 1985 (the 'Act').   
   Comparative financial information for the year ended 31 December 1998 has  
   been extracted from the statutory accounts for the year which have been    
   delivered to the Registrar of Companies and upon which the auditors gave an
   unqualified report, with no statement under Section 237(2) or (3) of the   
   Act.

2. Post balance sheet event: on 13 August 1999 the Group completed the sale of
   the property services operations for a cash consideration of £7.81 million.
   In addition, the purchaser undertook to discharge deferred consideration   
   liabilities amounting to £1.53 million.  This disposal left the Group      
   principally with cash, certain quoted investments, freehold properties and 
   some sundry debtors and creditors.

3. The calculation of earnings per share is based on the profit on ordinary   
   activities after taxation and 75,523,785 ordinary shares (1998: 69,953,387)
   being the weighted average number of shares in issue during the half year. 
   The weighted average number of shares in issue during the year ended 31    
   December 1998 was 69,578,565.  The calculation of fully diluted earnings   
   per share is based on the profit on ordinary activities after taxation and 
   77,160,340 ordinary shares being the weighted average number of shares in  
   issue during the period, after allowing for share options (June 1998:      
   70,410,921 and December 1998: 70,289,832).

4. The Directors have declared an interim dividend of 0.1 pence per share     
   (1998: 0.35 pence) to shareholders on the register at the close of business
   on 29 October 1999, which will be paid on 19 November 1999.

5. The board of Directors approved the Interim Financial Statement on 13      
   October 1999.