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Cherwell Capital PLC (CHEP)

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Friday 19 December, 2008

Cherwell Capital PLC

Interim Results


                             CHERWELL capital Plc                              

CHAIRMANS REPORT & INTERIM FIGURES for the six months ending 30th September 2008

I have pleasure in presenting to Cherwell Capital Plc shareholders with the
unaudited interim figures for the six month period to 30th September 2008 and
an up-date of the progress of our individual investments.

Cherwell's net asset value at 30th September 2008 amounted to £302,326 (2.3p/
share) compared to £368,689 (2.8p/share) for the period ending 31st March 2008.
The write down of Cherwell's asset value reflects the listing of Scancell on
PLUS at a price below our original purchase price and a reduction in the value
of MindWeavers to reflect the price of their rights issue - both of which took
place after our period end.

The Ordinary and Special Resolutions at the AGM and EGM on 6th November were
all passed unanimously.

             -----------------------------------------------------             

BioAnaLab is the star performer with continuing strong growth in revenue and
profitability from the provision of specialist analytical services to a sector
of the pharmaceutical industry, which itself is fast growing.

Scancell, the company developing unique approaches to the treatment of cancer
using therapeutic monoclonal antibody technologies has recently listed on PLUS
Markets where it raised £1.5m albeit at a lower price/share than our original
book value.

MindWeavers intends raising £250,000 to provide working capital for clinical
trials and commercial development of its "Mind-Works" product. The company's
"MindFit-Brain Power Fitness" and "Phonomena" (language development) software
packages are seeing some sales growth.

Enkephala continues its ongoing Research & Development and Patenting of
technology on the way to what it hopes will be the development of a very early
stage diagnostic test for Alzheimer's disease.

OxLoc which was written off two years ago has been eliminated entirely.

Professor Bruce Savage,

Chairman - Cherwell Capital plc 12th December 2008

CHERWELL CAPITAL PLC Interim unaudited figures for 6 months to 30.09.08

STATEMENT OF TOTAL RETURN

6 Months to 30.09.08 12 Months to 31.03.08 6 Months to 30.09.07

               Revenue Capital  Total    Revenue  Capital Total    Revenue Capital Total 
                                                                                         
                 GBP     GBP      GBP      GBP      GBP     GBP      GBP     GBP    GBP  
                                                                                         
Gains/(losses) -       (58,783) (58,783) -        (1)     (1)      -       -       -     
on investments                                                                           
                                                                                         
Income         -       -        -        -        -       -        -       -       -     
                                                                                         
Other expenses (7,581) -        ( 7,581) (18,906) (1)     (18,907) (       -       (     
                                                                   6,985)          6,985)
                                                                                         
Return on      (7,581) (58,783) (66,364) (18,906) (1)     (18,907) (       -       (     
ordinary                                                           6,985)          6,985)
activities                                                                               
before tax                                                                               
                                                                                         
Tax on         -       -        -        -        -       -        -       -       -     
ordinary                                                                                 
activities                                                                               
                                                                                         
Return                                                                                   
attributable                                                                             
to equity                                                                                
shareholders                                                                             
and                                                                                      
                                                                                         
transfers to   (7,581) (58,783) (66,364) (18,906) (1)     (18,907) (       -       (     
reserves                                                           6,985)          6,985)
                                                                                         
Return per     (0.06)p (0.45)p  (0.51)p  (0.14)p  -       (0.14)p  (0.05)p -       (0.05)
share                                                                              p     
                                                                                         

General Notes to the Accounts

1.The financial information for the 6 month period ended 30 September 2008 is
unaudited and does not constitute statutory accounts within the meaning of the
Companies Act 1985. The financial information for the year ended 31 March 2008
has been extracted from the Company's statutory accounts for that period which
contained an unqualified report and which have been filed with the Registrar of
Companies. The accounting policies remain unchanged from those set out in the
Company's statutory accounts for the year ended 31 March 2008.

2.In accordance with PLUS Markets listing requirements Rule 9.12, the directors
take full responsibility for the figures and statements made in these accounts.

CHERWELL CAPITAL PLC Interim Unaudited Figures for 6 Months to 30.09.08

BALANCE SHEET

                           As at                  As at                 As at  
                          30.09.08               31.03.08              30.09.07
                                                                               
                            GBP                    GBP                   GBP   
                                                                               
Fixed Assets                                                                   
                                                                               
Tangible                  2                      2                     2       
Assets                                                                         
                                                                               
Investments               262,278                321,059               321,060 
                                                                               
                          262,280                321,061               321,062 
                                                                               
Current                                                                        
Assets                                                                         
                                                                               
Debtors                   66,882                 76,402                90,273  
                                                                               
Cash at bank                 -                   -                     -       
& in hand                                                                      
                                                                               
                          66,882                 76,402                90,273  
                                                                               
Creditors                 (26,839)               (28,774)              (30,274)
                                                                               
Amounts                                                                        
falling due                                                                    
within one                                                                     
year                                                                           
                                                                               
Net Current               40,046                 47,628                59,549  
Assets                                                                         
                                                                               
Net Assets                302,326                368,689               380,611 
                                                                               
Capital and                                                                    
Reserves                                                                       
                                                                               
Called up                 326,633                326,633               326,633 
share capital                                                                  
                                                                               
Share premium             107,970                107,970               107,970 
account                                                                        
                                                                               
Other reserve             10,250                 10,250                10,250  
                                                                               
Capital                   (46,543)               (1,423)               (1,423) 
reserve -                                                                      
realised                                                                       
                                                                               
Capital                   (30,567)               (16,904)              (16,904)
reserve -                                                                      
unrealised                                                                     
                                                                               
Revenue                   (65,418)               (57,837)              (45,915)
reserve                                                                        
                                                                               
                          302,326                368,689               380,611 

Net Asset Value/share 2.31p 2.82p 2.91p

Note to the balance sheet as at 30.09.08

The listed investments have been revalued at the half year, if appropriate.
Unlisted equity investments are stated at cost or subsequent issue price in
accordance with the British Venture Capital Association guidelines for the
valuation of listed companies.