Interim Results

RNS Number:7268J
Pannal PLC
29 September 2006

INTERIM ACCOUNTS

PANNAL PLC

Company number: 04998151

30 JUNE 2006



C O N T E N T S
                                                                 Pages

Chairman's statement                                               1
Unaudited profit and loss account                                  2
Unaudited balance sheet                                            3
Unaudited cash flow statement                                      4





CHAIRMAN'S STATEMENT



These are the results for the 6 months ended 30 June 2006, the third set of
accounts since flotation.  The company made a loss for the period of #17,385 and
at 30 June 2006 the company had net assets of #1,486,296.



The directors continuing strategy is to use Pannal plc as a vehicle to identify
and acquire businesses that are able to take advantage of opportunities within
the technology, media and telecommunications sector.



To date no suitable acquisition has been identified and on 1 April 2006 trading
of the company's shares was suspended in accordance with the rules (the "Rules")
of AIM, a market operated by the London Stock Exchange.



Under the Rules the company has until 1 October 2006 to implement its investment
strategy.  If no acquisition is made before this deadline the trading of the
Company's shares on AIM will be cancelled.



In order to allow shareholders to continue to trade the Company's shares on a
public market, the directors have applied for admission of the Company's shares
to Ofex. As announced today on the www.plusmarketsgroup.com website, trading of
the Company's shares on Ofex is expected to begin on 13 October 2006.



The Board continues to seek a suitable acquisition and will issue an update as
soon as progress has been made.



John Swingewood

Non-executive Chairman





UNAUDITED PROFIT AND LOSS ACCOUNT

FOR THE PERIOD FROM 1 JANUARY 2006 TO 30 JUNE 2006


                                               01.01.06           01.01.05
                                                     To                 To
                                               30.06.06           31.12.05
                                                      #                  #
TURNOVER                                              -                  -
Cost of sales                                         -                  -
GROSS PROFIT                                          -                  -
Net operating expenses                          (50,519)          (141,018)
OPERATING LOSS                                  (50,519)          (141,018)
Interest receivable and similar income           33,334             44,826
Interest payable and similar charges               (200)               (10)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION     (17,385)           (96,202)
Tax on loss on ordinary activities                    -                  -

LOSS SUSTAINED FOR THE PERIOD/YEAR
AND CARRIED FORWARD                             (17,385)           (96,202)


The company has no material recognised gains and losses other than the loss
above and therefore no separate statement of total recognised gains and losses
has been presented.


All results are derived from continuing activities.


UNAUDITED BALANCE SHEET

30 JUNE 2006
                                                                  2006                       2005
                                                                     #                          #
CURRENT ASSETS
Debtors                                                         20,829                     27,394
Cash at bank and in hand                                     1,484,861                  1,491,127
                                                             1,505,690                  1,518,521

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR                 (19,394)                   (14,840)
NET ASSETS                                                   1,486,296                  1,503,681

CAPITAL AND RESERVES
Called up share capital                                        420,502                    420,502
Share premium account                                        1,179,381                  1,179,381
Profit and loss account (adverse)                             (113,587)                  (96,202)

EQUITY SHAREHOLDERS FUNDS                                    1,486,296                  1,503,681


J P SWINGEWOOD
Director


UNAUDITED CASH FLOW STATEMENT
                                                              01.01.06                   01.01.05
                                                                    To                         To
                                                              30.06.06                   31.12.05
                                                                     #                          #
NET CASH OUTFLOWS FROM OPERATING
ACTIVITIES                                                     (39,400)                  (153,572)
RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Interest paid                                                     (200)                       (10)
Interest receivable                                             33,334                     44,826
FINANCING
Net proceeds on issue of shares in the period                        -                  1,499,881
(DECREASE)/INCREASE IN CASH                                     (6,266)                 1,391,125








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

IR ZKLFLQKBEBBV