Interim Results

RNS Number:1511B
Advance Capital Invest PLC
23 July 2004

23 July 2004

                      Unaudited Interim Results of ACI plc

                     For the Six Months Ended 30 April 2004

ACI announces its unaudited interim results for the six months to 30 April 2004.


Chairman's Statement

Results
During the period under review, ACI has not undertaken any trading activities,
but incurred certain staff and operational costs associated with reviewing a
number of potential acquisitions including the acquisition of Imagesound. In the
first half of the year the loss before tax was #16,000 (2003: #11,000).

I am delighted to announce today the proposed simultaneous acquisitions of
Imagesound, Rolec and TTL. Individually they are exciting companies operating in
complementary areas of a growing market and I believe their consolidation within
ACI offers shareholders an opportunity to participate in an enlarged group with
the potential for delivering attractive shareholders returns.

The Acquisitions are conditional, inter alia, on the passing of the resolutions
at the extraordinary general meeting being convened for 16 August 2004.

At the end of the period the company had net cash of 16.3p per share.

Nigel Whittaker
Chairman

23 July 2004



Profit and Loss Account

                                           6 Months      6 Months   Year ended
                                              ended         ended   31 October
                                           30 April      30 April         2003
                                               2004          2003
                                Notes   (unaudited)   (unaudited)    (audited)
                                               #000          #000         #000

Administrative expenses                         (38)          (33)         (73)
                                            ---------     ---------     --------
Operating Loss                                  (38)          (33)         (73)
Interest receivable from bank deposits            22            22           43
                                            ---------     ---------     --------
Loss on ordinary activities before taxation     (16)          (11)         (30)
Tax on loss on ordinary activities                 -             -            -
                                             --------     ---------     --------
Loss for the financial period                   (16)          (11)         (30)
                                            ---------     ---------     --------

Basic loss per share                2         (0.20)p       (0.14)p      (0.37)p
Diluted loss per share              2         (0.20)p       (0.14)p      (0.37)p


The profit and loss account has been prepared on the basis that all operations
are continuing operations.

Recognised gains and losses
There are no recognised gains and losses other than those dealt with through the
profit and loss
account.


Balance Sheet

                                             As at         As at        As at
                                          30 April      30 April   31 October
                                              2004          2003         2003
                                       (unaudited)   (unaudited)    (audited)
                                              #000          #000         #000
Current assets
Prepayments                                      -             2            -
Cash at bank and in hand                     1,321         1,347        1,337
                                           ---------     ---------     --------
                                             1,321         1,349        1,337
Creditors: Amounts falling due within
one year                                       (10)           (3)         (10)
                                           ---------     ---------     --------
Net assets                                   1,311         1,346        1,327
                                           ---------     ---------     --------

Capital and reserves
Called up share capital                        810           810          810
Share premium account                        1,102         1,102        1,102
Profit and loss account                       (601)         (566)        (585)
                                           ---------     ---------     --------
Equity shareholders' funds                   1,311         1,346        1,327
                                           ---------     ---------     --------


Cash Flow statement

                                           6 Months      6 Months         Year
                                              ended         ended        ended
                                           30 April      30 April   31 October
                                               2004          2004         2003
                                Notes   (unaudited)   (unaudited)    (audited)
                                               #000          #000         #000
Net cash outflow from
operating activities                B           (38)          (42)         (73)
Returns on investment and
servicing of finance
Interest received                                22            22           43
                                            ---------     ---------     --------
Decrease in cash in period                      (16)          (20)         (30)
                                            ---------     ---------     --------


Notes to Cashflow Statement

A. Reconciliation of net cash flow to movement in net funds
                                 6 Months           6 Months        Year ended
                                    ended              ended        31 October
                                 30 April           30 April              2003
                                     2004               2003
                              (unaudited)        (unaudited)         (audited)
                                     #000               #000              #000

Decrease in cash in the period       (16)               (20)              (30)
Net funds at beginning of
period                              1,337              1,367             1,367
                                  ---------          ---------          --------
Net funds at end of period          1,321              1,347             1,337
                                  ---------          ---------          --------

There were no other sources of funding other than cash so all funds flows are
shown in the cashflow
statement


B. Reconciliation of operating loss to net cash outflows from operating
activities
                                 6 Months           6 Months        Year ended
                                    ended              ended        31 October
                                 30 April           30 April              2003
                                     2004               2003
                              (unaudited)        (unaudited)         (audited)
                                     #000               #000              #000
Operating loss                        (38)               (33)              (73)
Increase in debtors                     -                 (2)                -
Decrease in creditors                   -                 (7)                -
                                  ---------          ---------          --------
Net cash outflow from
operating activities                  (38)               (42)              (73)
                                  ---------          ---------          --------


Notes to the interim financial statements

1. Basis of preparation

The profit and loss account, balance sheet and cashflow statement which are
unaudited have been prepared in accordance with the accounting policies set out
in the 2003 Annual Report. The financial information contained in the financial
statements does not constitute statutory accounts within the meaning of section
240 of the Act.

The results for 2003 full year are an abridged review of the full accounts which
have received an unqualified audit report and have been filed with the Registrar
of Companies.


2. Loss per share

The basic loss per share calculation has been based on the loss attributable to
ordinary shareholders of #16,000 divided by 8,100,000 shares, being the entire
issued share capital of the company.

There is no difference between the basic and fully diluted earnings per Ordinary
Share, as no Ordinary Shares are issuable under the Share Options until the
completion by the Company of a business acquisition, and this condition had not
been met at the end of the reporting period.


3. Dividends

The Board has not declared a dividend in respect of this period.


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