Interim Results

RNS Number:6494O
Abraxus Investments PLC
27 December 2006


                                                                22 December 2006
                            Abraxus Investments PLC

                                 Interim Results
                     for the six months ended 30 September 2006


Chairman's Statement

I am pleased to announce the interim results for the six months ended 30
September 2006. All comparatives are for the six months ended 30 September 2005.


Financial Results:

Turnover for the period was nil (2005 - nil) with an operating loss on ordinary
activities of #64,054 (6 months ended 30 September 2005 - loss #230,395). The
profit on ordinary activities after taxation was #44,144 (6 months ended 30
September 2005 - loss #216,230). The Board is not recommending the payment of a
dividend. At 30 September 2006, the Group had net assets of #1,571,815 (30
September 2005: #1,762,967) equivalent to 4.6p per share (30 September 2005:
5.1p per share).

Operational review

On 6 March 2006, the Company announced that the Board had resolved to sell the
Company's wholly owned subsidiary, First AB kft (the ''Subsidiary''). The
Subsidiary owns the Hotel Project which was the Company's only material non-cash
asset. As the sale of the Subsidiary resulted in the divesture of all of the
Company's current trading activities, it was necessary pursuant to the AIM rules
to obtain the approval of the Company's shareholders by way of Ordinary
Resolution. This resolution was duly passed at an Extraordinary General Meeting
held on 24 April 2006.

On 20 July 2006, the Company confirmed the disposal of its wholly owned
Hungarian Subsidiary, First AB Kft. The Company confirmed that it had received
gross proceeds of #1,053,762 from the successful bidder, Real Asset Holdings
Ltd. After deducting selling costs of #20,662, the net proceeds from the sale
total #1,033,100, representing a profit on disposal of #8,256. In addition to
the sale proceeds, the Company has received full repayment of the 866,238 Euro
loan made to First AB kft. Total monies received from the purchaser totalled
#1.65 million.



Strategic Review



As a result of the sale of its Subsidiary, the Company is now treated as an ''
investing company'' under AIM rules. Following the sale, the Company has circa
#1.6 million, which is currently being held on deposit pending discussions with
major shareholders regarding the future of the Company. The Board hopes that
these discussions will lead to a consensus that will allow the Company to raise
additional equity funds to continue its stated strategy. If an appropriate way
forward cannot be agreed, then it is the present intention of the Board to
return existing funds to shareholders by way of a members' voluntary liquidation
or otherwise.



Conclusion


The Board hopes that the differences between the groups of shareholders will be
resolved, but if this proves impossible then the Board's present intention is,
as mentioned above, to return cash to the shareholders.





David Sparks
Chairman


Abraxus Investments PLC


Profit and Loss Account
for the six months ended 30 September 2006



                                               Unaudited 6       Unaudited 6               Audited
                                                       m/e               m/e            Year ended
                                                 30-Sep-06          30-Sep-05
                                                                                         31-Mar-06

Turnover                                                 -                  -                    -

Cost of sales                                            -                  -                    -

Gross profit                                             -                  -                    -

Administrative expenses                           (64,054)          (230,395)            (489,255)

Operating Loss                                    (64,054)          (230,395)            (489,255)

Interest receivable and similar income             108,198             14,165               37,729

Profit / (Loss) on ordinary activities
before taxation                                     44,144          (216,230)            (451,526)

Tax on profit on ordinary activities                     -                  -                    -

Profit / (Loss) on ordinary activities after
taxation                                            44,144          (216,230)            (451,526)

Minority interest                                        -                  -                    -

Retained profit / (loss) for the period             44,144          (216,230)            (451,526)


Abraxus Investments PLC



Balance Sheet
as at 30 September 2006


                                                        Unaudited           Unaudited             Audited
                                                             6m/e                6m/e          year ended
                                                       30-Sept-06          30-Sept-05           31-Mar-06
                                                       

Fixed assets
Tangible fixed assets                                           -             966,364           1,402,376


Current assets
Debtors                                                    14,350              25,250             103,738
Cash at bank and in hand                                1,642,857             896,284             397,881
                                                        1,657,207             921,534             501,619

Current liabilities                                      (85,392)           (124,931)           (376,324)

Net current assets                                      1,571,815             796,603             125,295

Total Net assets                                        1,571,815           1,762,967           1,527,671

Capital and reserves

Called up share capital                                 1,722,222           1,722,222           1,722,222
Share premium                                           7,435,193           7,435,193           7,435,193
Profit and loss account                               (7,585,600)         (7,394,448)         (7,629,744)
                                                        1,571,815           1,762,967           1,527,671

Abraxus Investments PLC

Unaudited Consolidated Cashflow
for the six months ended 30 September 2006

                                                                 Unaudited                      Unaudited
                                                                      6m/e                           6m/e
                                                                 30-Sep-06                      30-Sep-05


Net cash outflow from operating activities                       (265,598)                      (156,754)

Returns on investment and servicing of finance
Profit from sale of subsidiary                                       8,256                              -
Interest received and similar income                                99,942                         14,165

Cash outflow before financing                                    (157,400)                      (142,489)


Sale of subsidiary                                               1,033,100                       (36,758)
Fixed asset purchases in First AB kft                            (230,724)                              -
Receipt of First AB loan repayment                                 600,000                              -


Movement in net funds in the period                              1,244,976                      (177,188)
Net funds at the start of the period                               397,881                      1,073,472
Net funds at the end of the period                               1,642,857                        896,284




Unaudited Consolidated Cashflow Note
for the six months ended 30 September 2006


Reconciliation of operating loss to operating
cashflows

Operating loss                                                     (64,054)                     (232,554)
Decrease in debtors                                                  89,388                       155,944
Decrease in creditors                                             (290,932)                      (80,144)
Net cash outflow from operating activities                        (265,598)                     (156,754)




The interim results have been prepared in accordance with applicable United
Kingdom accounting standards, using the historical cost convention.  The
financial information for the half year ended 30 September 2006 was approved by
the Board on 22 December 2006.  The financial information contained in this
report does not constitute statutory accounts for the group for the relevant
periods.  The interim report is not audited, nor has it been reviewed by the
auditors.  The results for the year ended 31 March 2006 have been extracted from
the Annual Report and Accounts which received an unqualified auditor's report
that did not contain a statement under section 237(2) or (3) of the Companies
Act 1985, and have been delivered to the Register of Companies.



Copies of the Interims Results will, shortly, be sent to the AIM team and to
shareholders.


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