RNS Number:4898R
G.R. Holdings PLC
30 October 2003



G.R. (Holdings) plc

Consolidated Profit and Loss Account

For the year ended 30 June 2003

                                                                                                   
                                                            2003        2002
                                                 #           #           #

Turnover                                                 4,656,964   4,408,740

Operating loss                                           (279,705)   (289,090)


Interest receivable and similar income         123,914                 179,720

Interest payable and similar charges           (8,278)                 (8,898)

                                                           115,636     170,822

Loss on ordinary activities before taxation              (164,069)   (118,268)

Tax on loss on ordinary activities                            (47)      23,553

Loss on ordinary activities after taxation               (164,116)    (94,715)

Dividends                                                (202,265)   (333,946)

Loss for the financial year                              (366,381)   (428,661)

Earnings per share                                          (2.5)p      (2.0)p



G.R. (Holdings) plc

Consolidated Balance Sheet

As at 30 June 2003

                                                                                                 
                                                       2003        2002
                                             #           #           #
Fixed assets                                                              

Intangible assets                                            1           1

Tangible assets                                      1,317,416   1,407,109

Investments                                          2,025,350   2,644,184

                                                     3,342,767   4,051,294


Current assets                                                            

Stocks                                     194,896                 238,436

Debtors                                    202,080                 282,828

Cash at bank and in hand                 3,731,597               3,487,688

                                         4,128,573               4,008,952

Creditors : amounts falling due                                           
within one year                            476,466                 643,182


Net current assets                                   3,652,107   3,365,770

Total assets less current liabilities                6,994,874   7,417,064


Creditors : amounts falling due after                                     
more than one year                                      14,018      30,832

                                                     6,980,856   7,386,232


Capital and reserves                                                      

Called up share capital                              2,208,513   2,208,513

Capital redemption reserve                             425,000     425,000

Share premium account                                  198,396     198,396

Profit and loss account                              4,148,947   4,554,323

Shareholders funds                                   6,680,856   7,386,232



G.R (Holdings) plc

Notes:

1. The summary of results for the year ended 30 June 2003 does not constitute
full financial statements within the meaning of Section 240 of the Companies Act
1985.

2. The board has decided not to declare a final dividend (2002 - 1p) for the
year ending 30 June 2003 on the ordinary shares of the company.

3. The calculation of earnings per share is based on a loss of #164,116 (2002:
#94,715 - loss) being the profit after taxation and after deducting preference
dividends, and on 13,168,100 ordinary shares of 5p each (2002: 13,168,100).

4. The Annual General Meeting will be held at 10.30am on 11 December 2003 at the
offices of Evolution Beeson Gregory, 100 Wood Street, London EC2V 7AN.

5.  Copies of the 2003 Report and Accounts are being sent to shareholders in due
course. Further copies are available from the Company's registered office at 1-6
Sloane Square, London SW1W 8EE.



                           G.R. (HOLDINGS) PLC

              PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS

                     FOR THE YEAR ENDED 30 JUNE 2003



CHAIRMAN'S STATEMENT

The pre-tax loss of the group on ordinary activities for the year ended 30 June
2003 was #164,069 (#118,268 - 2002). After taxation the loss attributable to
members of the company is #164,116 against a loss of #94,715 for the previous
year. The turnover increased from #4,408,740 to #4,656,964.

The occupancy at Grayshott Hall was slightly up on the previous year, resulting
in an increase of around 10% in turnover. The profits showed a small increase,
roughly equivalent to the decrease in depreciation. 



The turnover at Morlands fell by 15%; losses however were reduced by just over
#68,000 for the year, mainly due to redundancy payments in the previous year.


There was only one complete sale of land in the partnerships we hold in America
as a limited partner, resulting in a loss of #21,052.

During the year our stock has decreased by #43,540. Debtors have increased by
#83,329 whilst creditors have decreased by #183,530. Net cash at bank and in
hand has increased by #243,909. 

Since the end of the year, the company has seen deterioration in its trading
position and is increasing its marketing budget accordingly.

It is with deep regret that I must report the tragic death of John, my younger
brother and co-director in October of this year. He will be sorely missed.


Finally, I would like to thank my co-directors and all the staff for their
support and involvement during the year.


A.D. Stalbow
Chairman

30 October 2003



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