RNS Number:6583T
Hampton Trust  PLC
24 December 2003

HAMPTON TRUST PLC

INTERIM RESULTS for the period ended 30 September 2003

The results for the six months ended 30 September 2003 show an operating profit
of #387,000 compared to an operating profit from continuing operations for the
six months ended 30 September 2002 of #13,000 due to an increase in development
profits of #593,000 offset by a fall in income from the investment portfolio
which has decreased in size as a result of property sales.

The Group has continued to rationalise its investment portfolio during the
period and sustain its focus on the industrial property sector. During the six
months ended 30 September 2003 six non-core investment properties were sold,
raising net proceeds after fees of #11.4 million and producing total profits
from disposals of #251,000.

The original acquisition of the Fenner Factory at Maerdy ("Maerdy") gave rise to
goodwill amounting to #756,000. Capitalised goodwill of #525,000 remaining at
the time of sale of Maerdy has been written off and charged against the loss on
sale of continuing operations.

The loss on sale of discontinued operations of #185,000 reflects further costs
recognised in the period relating to the sale of Southend Property Holdings PLC
("Southend") in the prior year.

The results are once again dominated by the high cost of the Group's prior
charges and in particular the cost of servicing the 8% Convertible Unsecured
Loan Stock 2020 ("CULS") which contributed #1.18 million to the interest charge
for the period. The Directors have entered in to active discussions with the
institutional holders of all three classes of quoted instruments, being the
CULS, the 51/2% (net) Cumulative Convertible Reedemable Preference Shares and
the Ordinary Shares, in an effort to seek alternative strategies to return value
to the holders of each class. However, the cross holdings between the
instruments and the institutions cause conflict and as such a settlement has
not, as yet, been forthcoming. The Directors will continue to persevere with
these discussions.

On the sale of the factory at Maerdy noted above, it was necessary to break the
#3.8 million 8% fixed rate loan on which the property was secured. This resulted
in one-off loan breakage costs of #331,000 which is also reflected in interest
payable.

As reported in the report and accounts, Southend, a wholly owned subsidiary of
the Group, was disposed of in March 2003. This disposal relieved the Group of
its most significant long-term liability, being the #53.2 million 10.5% Fixed
Mortgage 2025 Debenture Stock resulting in an interest saving for the period of
#2.8 million, and left a receivable due from Southend of #14.6 million which was
written down to #6.4 million at 31 March 2003. The amount is repayable via a
mechanism dependant upon the proceeds for ultimate property disposals by
Southend being greater than defined amounts. In September 2003 Southend and its
subsidiaries were placed in to administration. The Board, however, has taken all
necessary steps to ensure that the Group recovers its receivable and is
currently in discussions with the administrator in this regard. The Group has
also secured representation on the creditor committees of the various
companies. It is understood that a sale of the properties has been agreed 
subject to contract by the administrator with an anticipated completion date of 
the end of January 2004. If the sale does proceed, this will have an adverse 
effect upon the recovery of the receivable. I will report further once I have 
any more detailed information.

The period has seen a net cash outflow from operating activities of #1.3 million
compared to a net cash inflow for the six months ended 30 September 2002 of #3.3
million. The difference of #4.6 million between the periods results from the
sale of Southend and an increase of #2.2 million in cash outflow on the Group's
Talbot Gateway development at Baglan Energy Park, Port Talbot, adjacent to
junctions 41 and 42 of the M4 motorway. The outflow enabled the completion on 10
October 2003 of Phase I of the Talbot Gateway development, which is a
prestigious 44,000 sq. ft. office building. Initial marketing has been very
encouraging and we are confident of securing a letting of either the whole, or a
substantial part of the property by the end of the current financial year. The
development has been jointly funded by the Welsh Development Agency (WDA) with a
property development and other grants of #3.5 million which were received in
full prior to 31 March 2003. The amount funded by the Group amounts to #2.7
million at 30 September 2003, which increases to approximately #2.8 million at
completion, while the property was independently valued at the start of 2003 at
#5.25 million on a completed basis. However, due to 'claw-back' provisions in
the Grant Agreement, this inherent 'profit' will not be realised unless the
property is retained until March 2008.

The sale of Southend has also contributed to the significant decrease in cash
outflow from returns on investments and servicing of finance from #5.8 million
to #2.53 million.

Against the current background of uncertain market conditions the Directors of
the Group realise the necessity to return value to the holders of each class of
the quoted instruments and will concentrate their efforts on achieving this
through either attempting to sell the business or an alternative commercial
solution.


HAMPTON TRUST PLC
GROUP PROFIT & LOSS ACCOUNT
                                              Six months to             Year to
                                              30 September             31 March
                                          2003             2002            2003
                                     Unaudited        Unaudited         Audited
                                          #000             #000            #000

Turnover
Continuing operations                    4,095            4,120          12,129
Discontinued operations                      -            2,639           5,411
                                      --------          -------        --------
                                         4,095            6,759          17,540
Cost of sales                           (1,333)          (2,208)         (8,246)
                                      --------          -------        --------
Gross profit                             2,762            4,551           9,294

Administrative expenses                 (2,375)          (2,394)         (4,889)
                                      --------          -------        --------

Operating profit
-------------------------------       --------          -------        --------
Continuing operations                      387               13               4
Discontinued operations                      -            2,144           4,401
-------------------------------       --------          -------        --------
                                           387            2,157           4,405

Share of associates' operating loss          -                -             (30)

Profit (loss) on sale of investment
properties                                 251              (20)            126

Profit on sale of fixed asset 
investments                                  -               28              28

Loss on sale of discontinued operations   (185)             (12)            (12)

Loss on sale of continuing operations     (525)               -               -

Amounts written off investments           (201)              (1)           (652)

Investment income                           28               41             121

Interest payable and similar charges    (3,111)          (5,939)        (11,332)
                                      --------          -------        --------
Loss before taxation                    (3,356)          (3,746)         (7,346)
Taxation                                    (7)             (12)            (45)
                                      --------          -------        --------
Loss after taxation                     (3,363)          (3,758)         (7,391)
Dividends                                 (239)            (239)           (479)
                                      --------          -------        --------
Retained loss for the period            (3,602)          (3,997)         (7,870)
                                      ========          =======        ========
Loss per share                          (2.48p)          (3.04p)         (5.94p)
                                      ========          =======        ========


HAMPTON TRUST PLC
GROUP BALANCE SHEET
                                                  30 September        31 March
                                               2003          2002         2003
                                          Unaudited     Unaudited      Audited
                                               #000          #000         #000
Fixed assets
Goodwill                                       5,207         6,746        6,160
Tangible assets                               73,226       158,925       82,611
Investments                                    2,140         2,617        2,342
                                           ---------       -------      -------
                                              80,573       168,288       91,113
                                           ---------       -------      -------
Current assets
Stocks                                        11,232        15,448       10,313
Property held for resale                       4,690         5,253        4,690
Debtors
 due within one year                           3,070         5,536        3,586
 due after one year                            6,354             -        6,354
Cash at bank                                   1,093         2,980          862
                                           ---------       -------      -------
                                             26,439        29,217       25,805

Creditors: amounts falling due
within one year                              (16,922)      (42,330)     (19,170)
                                           ---------       -------      -------
Net current assets (liabilities)               9,517       (13,113)       6,635
                                           ---------       -------      -------
Total assets less current liabilities         90,090       155,175       97,748
                                           ---------       -------      -------

Creditors: amounts falling due after 
more than one year:
Convertible debt                             (29,650)      (29,650)     (29,650)
Other creditors                              (47,602)     (103,900)     (51,963)
                                           ---------       -------      -------
                                             (77,252)     (133,550)     (81,613)
                                           ---------       -------      -------
Net assets                                    12,838        21,625       16,135
                                           =========       =======      =======

Capital and reserves
Called-up share capital                       16,189        15,509       16,189
Share premium account                            670           670          670
Revaluation reserve                            4,785        15,870        5,103
Capital redemption reserve                    31,106        31,106       31,106
Other reserve                                    780           780          780
Profit and loss account                      (40,692)      (42,311)     (37,713)
                                           ---------       -------      -------

Shareholders' funds                                           
                                           ---------       -------      -------
Equity                                         3,173        12,438        6,709
Non-equity                                     9,665         9,186        9,426
                                           ---------       -------      -------
                                              12,838        21,624       16,135
                                           =========       =======      =======



HAMPTON TRUST PLC
CONSOLIDATED CASH FLOW STATEMENT
                                                    Six months to       Year to
                                                    30 September       31 March
                                                2003           2002        2003
                                           Unaudited      Unaudited     Audited
                                                #000           #000        #000

Net cash (outflow) inflow from
operating activities                         (1,296)         3,306        7,209

Return on investments and servicing
of finance                                   (2,529)        (5,806)     (10,017)

Taxation                                        (29)           (13)         (46)

Capital expenditure and financial
investment                                    9,650          9,449        7,609

Acquisitions and disposals                     (666)           388        2,457
                                            -------        -------      -------

Cash inflow before management of liquid
resources and financing                       5,130          7,324        7,212

Financing                                    (4,916)        (4,662)      (6,575)
                                            -------        -------      -------

Increase in cash in the period                  214          2,662          637
                                            =======        =======      =======

HAMPTON TRUST PLC
RECONCILIATION OF MOVEMENT IN GROUP SHAREHOLDERS' FUNDS

                                                Six months to           Year to
                                                 30 September          31 March
                                             2003           2002          2003
                                        Unaudited      Unaudited       Audited
                                             #000           #000          #000

Total recognised gains and losses
relating to the period                      (3,297)        (3,781)       (9,950)
Issue of ordinary share capital                  -              -           680
                                           -------        -------       -------
Net reduction in shareholders' funds        (3,297)        (3,781)       (9,270)
Opening shareholders' funds                 16,135         25,405        25,405
                                           -------        -------       -------
Closing shareholders' funds                 12,838         21,624        16,135
                                           =======        =======       =======



HAMPTON TRUST PLC
Notes

1. The directors do not propose an interim ordinary dividend (2002 - nil).
Preference dividends totalling #nil (2002 - #nil) were paid in the period and a
further amount of #239,000 (2002 - #239,000) has been appropriated but not paid
due to insufficient distributable reserves.

2. The calculation of loss per share is based on a loss, after having
deducted preference dividends, of #3,602,000 (2002 - #3,997,000) and on
145,275,194 (2002 -131,672,629) ordinary shares, being the weighted average
number of shares in issue during the period less shares owned by the Company's
ESOP Trust which has waived its entitlement to dividends.

3. The results for the six months ended 30 September 2003 and 30 September
2002 are unaudited and do not constitute statutory accounts within the meaning
of Section 240 of the Companies Act 1985. The accounts for the year ended 31
March 2003, which include an unqualified audit report, have been delivered to
the Registrar of Companies.

4. The interim report is being sent to shareholders. In addition copies are
available from the Company's registered office, 30-32 Pall Mall, Liverpool, L3
6AL.


                                   Directors
                                 Graeme Jackson
                             David A Diemer, MRICS
                                Edward A Dadley
                              Richard J I Parker*
                                Richard Wright*
                                 *non-executive

                                   Secretary
                             John A Sutherland, FCA

                               Registered Office
                                30-32 Pall Mall,
                                Liverpool L3 6AL

                         Registrar and transfer office
                               Capita Registrars
                                  The Registry
                                   Beckenham
                                      Kent
                                    BR3 4TU
                        Registered in England No. 267163


                      This information is provided by RNS
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