Interim Results

RNS Number:6133T
RII PLC
23 December 2003



RII Plc

Interim Statement
for the six months ended 30 September 2003


For the six month period ended 30 September 2003, your Company sustained a
pre-tax loss of #5,579 (2002 - loss #11,974). Overheads continue to be incurred
on a minimal basis, and cash balances at 30 September 2003 amounted to #172,436
(2002 - #220,606).


At the Annual General Meeting of the Company held on 17 October 2003, Kamran
Amin did not offer himself for re-election as a Director, and accordingly has
retired from the Board. At the conclusion of that meeting, Robert Stubbs and
Clive Maguire were appointed Executive Director and Non-executive Director
respectively, and Farhad Moshiri (Non-executive Director) retired.


The name of the Company was changed to RII plc on 21 October 2003.


The new Board hopes that it will be in a position to place suitable proposals to
shareholders for the development of the Company in the near future.

Robert Stubbs
Executive Director

23 December 2003


RII plc

Unaudited profit and loss account

for the six months ended 30 September 2003

                                  Six months     Six months
                                       ended          ended         Year ended
                                30 Sept 2003   30 Sept 2002           31 March      
                                                                          2003
                                           #               #                 #
Turnover                                   -               -                 -

Net operating expenses                (7,651)        (15,199)          (78,905)

Operating Loss                        (7,651)        (15,199)          (78,905)

Interest receivable                    2,072           3,255             5,927

Interest payable                           -             (30)              (30)

Loss on ordinary activities           (5,579)        (11,974)          (73,008)
before taxation

Tax on loss on ordinary                    -               -                 -
activities

Loss on ordinary activities           (5,579)        (11,974)          (73,008)
after taxation

Basic loss per share                  (0.008)p        (0.018)p           (0.11)p



RII plc

Unaudited balance sheet at 30 September 2003

                                       30 Sept       30 Sept 2002     31 March
                                          2003                            2003
                                             #               #               #

Current assets

Debtors                                  4,650          17,266             394

Cash at Bank                           172,436         220,606         208,141

                                       177,086         237,872         208,535

Creditors: Amounts falling due          (9,028)         (3,200)        (34,897)
within one year

Net current assets                     168,058         234,672         173,638


NET ASSETS                             168,058         234,672         173,638

CAPITAL AND RESERVES

Called up share capital                 65,939          65,939          65,939

Share premium account                1,896,685       1,896,685       1,896,685

Profit and loss account             (1,794,566)     (1,727,952)     (1,788,986)

TOTAL EQUITY SHAREHOLDERS' FUNDS       168,058         234,672         173,638



RII plc

Notes to the interim financial information

                     30 September          30 September 2002          31 March
                             2003                                         2003
                                #                          #                 #
Debtors
Other debtors                 171                     17,266                 -
Prepayments                 4,479                          -               394

                            4,650                     17,266               394

Creditors
Other creditors             2,802                          -            28,845
Accruals                    6,226                      3,200             6,052

                            9,028                      3,200            34,897

Notes


i)          The interim financial information for the six months ended 30
September 2003 includes only the results of RII plc. The unaudited results for
the period have been prepared on the basis of the accounting policies adopted in
the audited accounts for the year ended 31 March 2003.


ii)         The unaudited profit and loss account for each of the six month
periods and the unaudited balance sheet as at 30 September 2003 do not amount to
full accounts within the meaning of Section 240 of the Companies Act 1985 and
have not been delivered to the Registrar of Companies. The Interim Report is
unaudited and does not constitute Statutory Accounts.


iii)        The results for the year ended 31 March 2003 have been extracted
from the statutory accounts of the Company for that year which have been filed
with the Registrar of Companies.  The auditors' report on these accounts was
unqualified and did not contain any statement under Section 237 of the Companies
Act 1985.


iv)        No dividend is proposed to be paid in respect of the period (2002-
Nil).


v)         The calculation of loss per share is based on the loss after taxation
for the period of #5,579 (2002-loss #11,974) and on 65,938,530 (2002-65,938,530)
ordinary shares, being the average number of ordinary shares in issue during the
period.


vi)        The Company has received a Writ claiming approximately #48,750 plus
interest and costs in respect of an alleged agreement for the provision of
services. The Company, which is being legally advised, has served a Defence to
the Writ, and has been advised that, in the event of the claim being successful,
it may have recourse against a third party. In view of the uncertainty
surrounding this matter, no provision has been made in these interim accounts.


vii)       Copies of the Interim Statement are available from the Company's
Registered Office at 56 Queen Anne Street, London W1G 8LA.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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