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Monday 31 January, 2005


Interim Results

                           Western Selection P.L.C.                            

31st January 2005

          Unaudited results for the six months to 31st December 2003           

The directors are pleased to present the unaudited interim results of the
company for the six months ended 31st December 2004.

The continuing recovery in world stock markets in the second half of 2004,
along with a good performance from our strategic investments in Creston and
Swallowfield, has contributed to a further recovery in our net assets per share
- up 3% from 23.2p at 30th June to 23.8p at 31st December 2004. We believe that
our mix of Strategic Investments together with a General Portfolio of U.K. and
European stocks is a sound investment policy for our Company. Our Strategic
Investments in Creston and Swallowfield are cash generative, which is a vital
ingredient in difficult economic conditions. Over the five years to 31st
December 2004, the value of our net assets per share has outperformed the FTSE
100 index by 24%.

The Company made a profit for the half year of £114,000 (0.26p per share) after
tax, compared to last year's profit of £104,000 (0.24p per share) after tax.
Last year's results included profits taken on sales of General Portfolio
investments of £130,000 compared to £212,000 this year.

Investment policy and management

Our investment policy is to hold strategic stakes in a few special situations
and maintain a diversified portfolio of U.K. and European listed equities,
together with a few holdings on AIM, Ofex and some unlisted issues. Strategic
investments are minority positions where we seek to maintain a close working
relationship with the management of the company. Western is represented on the
boards of both of our strategic investments.

An analysis of assets is set out below. The general portfolio is managed by two
non-executive directors, Andrew Hall and Michael Robotham, and the board as a
whole takes decisions in relation to both our strategic and unlisted


Assets at market value                             31st December  30th June
                                                 2004       2003       2004
                                                 £000       £000       £000
Strategic Investments                                                      
Creston plc                                    3,174      2,830      2,620 
Swallowfield plc                                 885        795        775 
Doctors Direct PLC #                               -        377        307 
General Portfolio investments - UK             5,581      5,899      5,522 
- Overseas                                       552        692        548 
AIM, Ofex and other investments                1,175        840        806 
                                              _______    _______    _______
                                              11,367     11,433     10,578 
Cash at bank and on deposit                       11          3         10 
Other net assets/(liabilities)                 (170)         43       (229)
                                              _______    _______    _______
                                              11,208     11,479     10,359 
Bank overdraft                                  (865)      (871)      (278)
                                              _______    _______    _______
Net assets                                    10,343     10,608     10,081 
                                              _______    _______    _______
Net assets per share                            23.8p      24.4p      23.2p
Number of shares in issue                  43,512,379 43,511,903 43,511,903

#    During the period the investment in Doctors Direct was transferred from   
     Strategic Investments to AIM, Ofex and other investments.                 

General Portfolio

The performance of our General Portfolio has been held back by a decline in the
price of Sanctuary shares of almost 12%. Excluding Sanctuary, our General
Portfolio has increased in value by more than 4% since 30th June 2004.


Strategic Investments

Creston plc

Creston is a marketing services group, operating in the U.K., with significant
international clients, whose strategy is to grow within its sector both by
organic growth and acquisition.

Creston's results for the half-year to 30th September 2004 show a profit after
tax of £1,022,000 (2003 - £515,000), equivalent to earnings of 4.5p per share
(2003 - 4.6p). Our income in the period from Creston, including their year-end
dividend of 0.7p per share amounted to £16,158 (2003 - £32,000, which comprised
a final dividend and a special interim dividend).

Western exercised its option for 308,264 Creston shares at a price of £1.31 per
share and now owns 2,308,264 shares, being 10.05% of Creston's issued share
capital. The market value of the Company's holding in Creston on 31st December
2004 was £3,174,000 (30th June 2004 - £2,620,000), being 26.7% of Western's net

I am the non-executive chairman of Creston.

Swallowfield plc

Swallowfield has a long history of developing and producing aerosol, cosmetic
and toiletry products stretching back to 1950. As one of Europe's premier
contract manufacturers of toiletries and cosmetics it offers an unrivalled
breadth of product capabilities. Its skill in design, developing and producing
gift packs and themed product ranges compliments its production capability.
Swallowfield plans 'to raise shareholder returns by driving down total input
costs, improving manufacturing efficiencies, presenting new and exciting
product ranges and improving our pricing strategies'.

Swallowfield's latest published results for the year to 30th June 2004 showed a
profit after tax, but before exceptional restructuring costs, of £1,094,000
(2003 - £718,000). Exceptional restructuring costs of £396,000 relating to a
series of restructuring actions designed to generate annual overhead savings of
£500,000 were incurred during the year. The value of this business is
underpinned by net assets in excess of £1 per share.

We own 1,000,000 shares in Swallowfield being 8.88% of the issued share
capital. The market value of the Company's holding in Swallowfield on 31st
December 2004 was £885,000 (30th June 2004 - £775,000) being 7.5% of the net
assets of the Company.

Extraordinary General Meeting

The Company proposes to make an offer to shareholders owning less than [5,000]
shares to buy back their shareholdings, consolidate its share capital and seek
shareholder's approval for waivers for London Finance & Investment Group P.L.C.
(which owns 40.48% of Western's issued share capital) from the requirements of
Rule 9 of the City Code. A circular letter to shareholders will be posted with
the interim statement giving full details of these proposals and convening an
Extraordinary General Meeting to consider and, if thought fit, approve them.


The stock market enjoyed above average gains during the final quarter of 2004
and while we do not expect a repeat of this performance in the short term, we
hope to be able to increase our net asset value over the next six months.

We declared a dividend of 0.55p per share for the year to 30th June 2004. It is
not our policy to pay interim dividends, but it is our intention, subject to
unforeseen circumstances, to at least maintain the dividend for the current
year, which we anticipate paying in October 2005.





Unaudited Profit and Loss Account

                                                   Half year ended  Year ended
                                                     31st December   30th June
                                                    2004        2003      2004
                                                    £000        £000      £000
Interest receivable                                   -           1         2 
Income from investments in:                                                   
Listed strategic undertakings                        36          52        56 
Other listed investments                             51          51       212 
Surplus on disposal of listed undertakings          212         130      (248)
Net (increase)/decrease in provisions against       (27)          -       570 
                                                 _______     _______   _______
                                                    272         234       592 
Administrative expenses                            (135)       (118)     (250)
                                                 _______     _______   _______
Operating profit                                    137         116       342 
Interest payable and similar charges                (23)        (12)      (30)
                                                 _______     _______   _______
Profit on ordinary activities before taxation       114         104       312 
Taxation                                              -           -        (5)
                                                 _______     _______   _______
Profit on ordinary activities after taxation        114         104       307 
Dividends                                             -           -      (239)
                                                 _______     _______   _______
Retained profit for the period                      114         104        68 
                                                 _______     _______   _______
Basic earnings per share                           0.26p       0.24p     0.71p
Diluted earnings per share                         0.26p       0.24p     0.71p
Dividend per share                                   Nil         Nil     0.55p


Unaudited Balance Sheet

                                                    31st December  30th June
                                                   2004      2003       2004
                                                   £000      £000       £000
Fixed assets                                    10,316    10,041      9,674 
                                                _______   _______    _______
Current assets                                      81        82        100 
Cash at bank and in hand                            11         3         10 
Bank overdraft                                    (865)     (871)      (278)
Current liabilities                               (251)      (42)      (329)
                                                _______   _______    _______
Net current liabilities                         (1,024)     (828)      (497)
                                                _______   _______    _______
Total assets less current liabilities            9,292     9,213      9,177 
                                                _______   _______    _______
Capital and Reserves                                                        
Called up share capital                          4,351     4,351      4,351 
Share premium account                            1,647     1,646      1,646 
Warrants reserve                                   355       355        355 
Profit and loss account                          2,939     2,861      2,825 
                                                _______   _______    _______
                                                 9,293     9,213      9,177 
                                                _______   _______    _______
Net Assets at market value - £000               10,343    10,608     10,081 
Net Assets at market value per share - pence      23.8p     24.4p      23.2p



1. The results for the half-year are unaudited. They have been prepared on the
basis of the accounting policies adopted in the accounts for the year ended
30th June 2004. The financial information in this interim announcement does not
constitute statutory accounts within the meaning of Section 240(5) of the
Companies Act 1985. The statutory accounts of Western Selection P.L.C. for the
year ended 30th June 2004 have been reported on by the company's auditors and
have been delivered to the Registrar of Companies. The report of the auditors
was unqualified and did not contain a statement under Section 237(2) or 272(3)
of the Companies Act 1985.

2. The calculation of earnings per share is based on the weighted average
number of shares in issue for the period and the profit on ordinary activities
after tax.


Cash Flow Statement

                                                Half year ended     Year ended   
                                             31st December 2004 30th June 2004 
                                         Notes     £000    £000    £000    £000
Net cash inflow/(outflow) from operating  (a)              134             (23)
Returns on investments and servicing of                                        
Interest paid                                      (23)            (30)        
Interest received                                    -               2         
                                                 ______          ______        
                                                           (23)            (28)
Taxation paid                                                -              (5)
Financial investment                                                           
Proceeds of disposal of fixed asset              1,237           2,639         
Purchase of fixed asset investments             (1,695)         (2,386)        
                                                 ______          ______        
Net cash (outflow)/inflow from financial                  (458)            253 
investment activities                                                          
Equity dividend paid                                      (239)           (226)
                                                         ______          ______
Increase in debt                                          (586)            (29)
Net debt at start of year                                 (268)           (239)
                                                         ______          ______
Net debt at end of year                   (b)             (854)           (268)
                                                         ______          ______


(a) Reconciliation of operating profit to net cash inflow from operating

Operating profit                                           137             342 
(Profit)/loss on sale of investments                      (212)            248 
Net increase/(release) of provisions against                27            (570)
Interest received                                            -              (2)
Decrease/(increase) in debtors and accrued                  20             (57)
Increase in creditors                                      162              16 
                                                         ______          ______
Net cash (outflow)/inflow from operating                   134             (23)
                                                         ______          ______

(b) Reconciliation to movements in net debt

                                                            At    Cash  At end
                                                        period    flow period  
                                                          £000    £000   £000  
Cash at bank                                               10       1     11   
Bank overdraft                                           (278)   (587)  (865)  
                                                        ______  ______ ______  
                                                         (268)   (586)  (854)  
2003/2004                                               ______  ______ ______  
Cash at bank                                                3       7     10   
Bank overdraft                                           (242)    (36)  (278)  
                                                        ______  ______ ______  
                                                         (239)    (29)  (268)  
                                                        ______  ______ ______  

Market value of General Portfolio

                                                 31 December 2004    
                                                    £000            %
Sanctuary Group                                    1,958         31.9
Treatt                                               599          9.8
UCM Group                                            347          5.7
Bioquell                                             203          3.3
Shell Transport & Trading Co                         200          3.3
BP                                                   152          2.5
United Utilities                                     126          2.1
Julius Baer Holdings                                 125          2.0
Associated British Foods                             117          1.9
Diageo                                               111          1.8
Gallaher Group                                       111          1.8
Prudential Corporation                               106          1.7
Novartis                                             105          1.7
Imperial Tobacco Group                               100          1.6
Johnson Matthey                                       99          1.6
British American Tobacco                              99          1.6
Cadbury Schweppes                                     97          1.6
Nestle SA                                             95          1.5
Lloyds TSB Group                                      95          1.5
Siemens                                               93          1.5
Roche Holdings, Genusscheine                          90          1.5
HSBC Bank                                             88          1.4
Scottish & Newcastle                                  87          1.4
GlaxoSmithKline                                       79          1.3
Standard Chartered                                    77          1.3
Mersey Docks & Harbour Co                             75          1.2
Gibbs & Dandy                                         61          1.0
Others (less than 1%)                                638         10.4
                                                  _______     _______
                                                   6,133        100.0
                                                  _______     _______

This interim report will be sent to shareholders shortly and copies are
available from the Company Secretaries, City Group P.L.C. at the registered
office at 25 City Road, London EC1Y 1BQ.


a d v e r t i s e m e n t