Interim Results

RNS Number:5024S
Clan Homes PLC
26 November 2003

CLAN HOMES PLC ("the Company")

Results for the six-month period to 30th September 2003

CHAIRMAN'S STATEMENT

The Directors present the unaudited interim accounts of the Company for the six
months to 30th September 2003, which should be read in conjunction with the
financial statements for the year ended 31 March 2002.

Turnover has fallen to #30,689 (2002: #39,923) for the first six months of the
year compared to the same period last year, due to our continuing sales
programme and low occupation levels at Regents Quay, Aberdeen. Operating costs
have fallen during the period but administrative expenses are dramatically
higher at #108,854 (2002: #58,401) due to the impact of professional fees as the
Company reduces the scale of its operations. An operating loss of #107,239
(2002: #43,609) was relieved by profit on the sale of property, furniture and
fittings of #15,675 (2002: #21,006).

Funding costs have fallen to #1,671 (2002: #20,035) as debt was eliminated and
the Company started to accumulate cash. The interim loss on ordinary activities
before taxation has increased to #93,214 (2002: #42,638). Losses per share are
9.15p (2002: 4.95p) and no dividend is proposed.

We have already published details of the sales of properties and those under
sales contracts. Following completion of the sale of 28 Craigieburn Park,
Aberdeen (which is due to settle next month), there will be only two properties
remaining unsold, namely 36 Craigieburn Park, Aberdeen and 19 Tennant Ave, East
Kilbride. We expect that both will be sold early in the new year which would
leave the Company's assets substantially in cash. Clan has benefited from rising
property values and as sales have been booked the impact of the operating losses
has been diluted by capital gains. The net asset value is 109p at 30 September
2003.

The Directors' primary focus has been to maximise shareholder value while moving
Clan to a point of sale or alternative exit. Today the Board is able to reveal a
major step forward and I refer you to the accompanying press release for
details.

Copies of this interim report will be posted to shareholders on 26 November 2003
and can be obtained, free of charge for one month, from Brewin Dolphin
Securities Limited, 48 St. Vincent St, Glasgow G2 5TS.

ALAN D. THOMSON

CHAIRMAN

26 November 2003

Clan Homes plc
Profit and Loss Account
                                                                                  6 Mths to        6 Mths to
                                                                                  30-Sep-03        30-Sep-02
                                                                                (unaudited)      (unaudited)
                                                                                          #                #
TURNOVER                                                                             30,689           38,923

Operating Costs                                                                      29,074           24,131
GROSS PROFIT                                                                          1,615           14,792

Administrative Expenses                                                             108,854           58,401
OPERATING PROFIT (LOSS)                                                           (107,239)         (43,609)

Profit (Loss) on Sale of Properties, furniture and fittings                          15,675           21,006
                                                                                   (91,564)         (22,603)
Bank interest receivable                                                                 21                0
Bank interest payable                                                               (1,671)         (13,325)
Other interest payable                                                                    0          (6,710)
                                                                                    (1,650)         (20,035)
LOSS ON ORDINARY TAXATION ACTIVITIES BEFORE                                        (93,214)         (42,638)

Tax on loss on ordinary activities                                                        0                0

LOSS FOR THE FINANCIAL PERIOD                                                      (93,214)         (42,638)

Loss per share - basic (pence)                                                       (9.51)           (4.35)

STATEMENT OF TOTAL RECOGNISED LOSSES
FOR THE PERIOD ENDED 31st MARCH 2002

(Loss) for the financial period                                                    (93,214)         (42,638)

Unrealised surplus (deficit) on revaluation of freehold
investment properties (net of deferred taxation)                                     44,000            1,000

Total recognised profits (losses) related to the period                            (49,214)         (41,638)

NOTE OF HISTORICAL COST PROFITS & LOSSES

Reported loss on ordinary activities before taxation                               (93,214)         (42,638)

Realisation of Property revaluation gain (loss) of
previous years                                                                       58,404           15,736

Historical cost profit (loss) on ordinary activities
before taxation                                                                    (34,810)         (26,902)

Notes:

1.        The financial information contained within these interim accounts does not amount to statutory
          accounts within the meaning of section 240 of the Companies Act 1985 (as amended). The published
          audited accounts for the year ended 31 March 2002, which included an unqualified audit report from
          the auditors, has been filed with the Registrar of Companies.

2.        The accounting policies that have been applied to the interim accounts for the six month period to
          30 September 2003 are consistent with the latest published accounts.

3.        The calculation of the basic loss per share of 9.51p (2002: loss per share of 4.35p) is based on the
          loss for the period of #93,214 (2002: loss of #42,638), and 980,654 ordinary shares (2002: 980,654)
          being the weighted number of ordinary shares in issue during the period.








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