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Legendary Invest PLC (LEG)

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Monday 24 December, 2001

Legendary Invest PLC

Interim Results

Legendary Investments PLC
24 December 2001



                          Legendary Investments plc

                        ('Legendary' or 'the Company')

          Interim results for the six months ended 30 September 2001

CEO's Statement

The six month period ended 30 September 2001 has been encouraging despite
conditions that remained challenging.

The general economic downturn has meant a lengthening of the time in which
Initial Public Offerings and trade sales can be expected. In light of these
challenges, although a large number of opportunities continue to arise and
encourage us, no new investment was made in the period.

The portfolio itself is developing well and our investee companies have,
unlike many in the sector, sufficient funds to take products to market,
reducing their need to have recourse to the public equity markets in the short
term. Considerable latent value remains in these unquoted investees which
continue to perform but are held at valuations of at or below cost.

The directors continue to focus their time and resources where they have
proven expertise, in particular retail. In this way we believe that we can
deliver considerable increases in shareholder growth as we move into the
future.

INVESTMENTS

Retail Portfolio

Legends Surf Shops plc ('Legends'), a leading specialist retailer of
fashionable extreme sports branded and leisure wear, produced excellent
results in what, as always, has been a competitive environment. A profit
before taxation of £383,671 has been achieved in the six months to 31 July, an
increase of 67% upon the same six-month period last year. Sales during the
period have grown by 97% to £5.90 million.

The store branch list increased by 6 during the six months ended 31 July 2001
bringing the total number of stores to 20. This compares to 14 stores and a
pre-tax profit of £401,000 for the year to 31 January 1999, which was a year
prior to our active involvement.

The number of stores trading at Christmas will be 22, including new locations
at Bristol and Southampton. The new stores added are of high quality and will
provide an excellent platform for sales growth in the years to come.

Legends' good performance in the first half of the year once again confirms
our belief in the strength of the Legends brand and its capacity for
expansion. The second half will continue to reflect the contribution for the
whole period from some of the larger stores opened during the first half as
well as the addition of new, immature space.

Global Money Transfer plc ('GMT') continues to make significant inroads into
an area once only the domain of banks and other financial institutions. The
company is offering a computerised retail international money transfer service
enabling cash to be transferred by expatriates in the UK and Ireland to
relatives and friends in India, Pakistan, Sri Lanka, Nigeria, Ghana, Jamaica,
Trinidad & Tobago, and in time, Bangladesh, by deploying terminals into
convenience sites with the assistance of key partners.

I am delighted to be able to report that GMT has now expanded to 250 Agents
across the UK and in Ireland. The network of agents continued to perform at
above GMT management's expected transaction level for this stage in their
development. The initial target of 300 agents by mid 2002 is now eminently
achievable with many of those remaining sites already having been identified.

Since the end of the period under review, Legendary has increased its interest
in the listed issued share capital of Moss Bros Group plc to a beneficial
interest of approximately 5.3% as announced to the London Stock Exchange.

Products' Portfolio

BioProgress Technology International, Inc. ('Bioprogress') continued to make
strategic and operating progress that we believe represent a critical
endorsement of this business. In December, Bioprogress successfully secured a
US$6 million external funding facility.

New markets are opening up to XGel(R) products, including the market for
flushable and biodegradable ostomy pouches and oral encapsulation of drugs,
dietary supplements and OTC medicines. Similarly, a wide range of
non-ingestible products such as detergents, chemicals and non-edible oils are
proving to be of great interest in Bioprogress' joint venture and partnership
discussions.

In November, BioProgress announced that it is collaborating with Boots plc in
order to conduct a second series of technical trials to use BioProgress'
patented XGel(R) Film System and industrial know how for various volume
mass-market products. A preliminary market study has been carried out and
potential markets have been defined. BioProgress has also executed agreements
to facilitate new product development with Procter & Gamble, Nestle and Brass
Eagle, Inc. It has previously announced the sale of full XGel(R) Film System
Licenses and XGel(R) Film Systems to Peter Black Healthcare and Farmasierra
S.A.

Kelvine Plates is breaking new ground with its product offering. However, the
economics of the emerging Kelvine Plates business are similar in nature to
Bioprogress. The main product of Kelvine Plates has a high gross profit margin
but the establishment of this technology in a market as large as hospitality
is undoubtedly a lengthy process.

The momentum of The Accessory People plc ('TAP'), a leading supplier of mobile
phone accessories in the UK, resumed throughout the first half. During the
period TAP moved from its original 6,000 sq ft facility into a new office,
warehouse, packing and storage facility of 43,000 sq ft in Chertsey, Surrey.
As we reported in our preliminary results for the period ended 31 March 2001,
this resulted in the TAP team trying to settle down both into a new
environment and different working practices. It was inevitable that efficiency
should be affected. Sales for the year to 31 January were £5.78 million, up
53% against last year's £3.77 million. After adjusting for an exceptional
item, loss before tax was £130,000 compared to the £365,000 profit in the
previous year.

It is now pleasing to be able to note TAP's intention to conduct a fundraising
and seek admission to trading on the Ofex market which will result in it
raising approximately £500,000, giving it an enterprise value of approximately
£10 million.

Indirect Investments

Legendary continues to hold various investments in the life science area where
we see particular medium and long-term opportunities, combining superior
growth prospects with defensive qualities sheltered from the extremes of
economic cycles. Such investments are on an indirect basis, through our
holdings in specialist investors in the biotechnology area with the necessary
skills to add value.

Results and Outlook

The general background in the UK and US was weak over the first half of the
year, initially reflecting the worsening world economic outlook and latterly
the terrorist atrocities in September.

The valuation of our investment portfolio was carried out on 30 September
2001, at a time when share prices were at or close to their nadirs. After
making total write down in investments of £1.8 million approximately as a
result of the inclement investment and economic climate, the unaudited
financial results for the six month period ended 30 September 2001 show a pre
tax loss of £2.0 million. These figures mask the true progress that has been
made by our unquoted investees. Our quoted investments have also picked up
strongly since 1 October and we hope to be able to report positively on our
progress in our preliminary results for the year ending 31 March 2002.

With the application of management's time and resources on the focused
opportunities that we have, particularly in retail, we believe that we are
well placed to take advantage of the opportunity for considerable growth in
shareholder value.

Shami Ahmed

CEO


PROFIT & LOSS
                                    Six months ended  Year-end Six months ended
                                            30/09/01  31/03/01         30/09/00
                                           unaudited   audited        unaudited
                                            (£'000s)  (£'000s)         (£'000s)

Turnover                                           -         -                -

Direct Costs                                                               (47)

Gross Loss                                                                 (47)

Administrative Expenses                        (205)     (407)

- Normal costs                                                            (172)
- National Insurance Contributions                                        (105)
  and Share Options

Net Loss on Investments                      (1,799)   (1,858)              (2)

Operating Loss                               (2,004)   (2,265)            (323)

Investment and income losses                                               (54)

Interest receivable                               24        93               72

Interest payable                                           (2)
                                            ________ _________        _________

Loss on ordinary activities before           (1,980)   (2,174)            (306)
interest & tax

Tax                                                -         -                -
                                            ________ _________        _________

Retained Loss                                (1,980)   (2,174)            (306)

Basic loss per ordinary share                   0.37       0.4            0.006
(pence per share)

Fully diluted (pence per share)                 0.37       0.4




BALANCE SHEET
                                   Six months ended Year-end   Six months ended
                                           30/09/01 31/03/01           30/09/00
                                          unaudited  audited          unaudited
                                           (£'000s) (£'000s)           (£'000s)

Tangible Fixed Assets                             6        8                  9

Tangible assets                               4,261    5,445              5,755

Investments                                   4,267    5,453              5,764

Current Assets
Current asset investments                       172      743

Debtors                                         333      561                223

Cash at bank and in hand                          -      257              1,804
                                             ______  _______            _______

                                                505    1,561              2,027

Creditors

Creditors: amounts falling due                (513)    (775)              (755)
within one-year

Net current liabilities/assets                  (8)      786              1,271
                                             ______  _______            _______

Total assets less current                     4,259    6,329              7,036
liabilities

Capital Reserves

Called up share capital                         532      532                511

Share premium account                         7,881    7,881              6,831

Profit and loss account -                   (4,154)  (2,174)              (306)
deficit

Total capital and reserves                    4,259    6,239              7,036

Equity shareholders' funds



NOTES TO THE INTERIM ACCOUNTS

 1. Accounting Policies-the accounts have been prepared in accordance with
    applicable accounting standards under the historical cost accounting
    rules.

 2. Investments-the unlisted investments are stated at cost unless, in the
    opinion of the Directors, there has been impairment. None of the listed
    investments were considered to have been impaired during the period.

 3. Earnings per share-the average number of shares in issue during the period
    was 532 Million.

 4. Post balance sheet events - there have been no significant post balance
    sheet events.

Enquiries to:

Legendary Investments plc
Shami Ahmed, Chief Executive
Tel: 020 7743 6010

Smit Berry, Non-Exec Director
Mobile: 07939 200142



                                                                                
                        

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