Interim Results

RNS Number:5668X
Park Row Group PLC
21 June 2002

                               Park Row Group plc

                      (formerly Birchin International plc)

                  ("Park Row" or "the Group" or "the Company")

The attached results are for the business of Birchin International plc to 31
March 2002. Birchin International plc acquired the business of Park Row Group
Limited in May 2002 and subsequently changed its name to Park Row Group plc. The
results show a loss on ordinary activities before taxation and minority interest
of £3,699,000, compared with a loss for the year to 30 September 2001 of
£5,379,000.

The nature and focus of the Group has changed significantly since reporting at
31 March 2001 which does not now provide a useful comparison. The figures used
for comparative purposes are the year end to 30 September 2001 only.

The loss for the half-year to 31 March 2002 reflects a combination of operating
losses in continuing businesses as well as the Group's share of operating losses
in associates together with value adjustments to associates, subsidiaries and
other investments.

During the half year under review, the Company subscribed for additional shares
in Intellexis plc and now holds approximately 29.5% of the entire issued share
capital of that company. The Company also acquired the remaining 39% of the
issued share capital of Global Risk Management Services Limited for a nominal
consideration and a further 33% of Birchin Wealth Management Group Limited for a
nominal consideration. As a result of these transactions the Company owns 100%
of the issued share capital of Global Risk Management Services Limited and 98%
of Birchin Wealth Management Group Limited.

As a result of the merger with Park Row Group Limited, which was approved by
shareholders at the EGM on 7 May 2002, the Company is now well-placed to move
away from its historical asset base and focus on developing a national IFA
distribution business. Park Row is well positioned to take advantage of changing
conditions in the IFA sector and this will form the core strategic activity of
the Group for the foreseeable future.

As a result of this repositioning, the Company is planning the orderly disposal
of all of its non-core assets. The directors have therefore valued these assets
in these accounts appropriately. The outcome of these disposals, some of which
we hope to complete by the end of the year, will be reported to shareholders in
due course.

In summary, I remain confident that the Company's strategic focus on developing
its IFA franchise, coupled with its asset disposal programme, is in the best
interests of shareholders in the medium term.



Colyn Gardner

Chairman



21 June 2002



Consolidated Profit & Loss Account

for the six months ended 31 March 2002
                                                                                      Unaudited             Audited

                                                                                 6 months ended          Year ended

                                                                                       31 March        30 September

                                                                                           2002                2001

                                                                                          £'000               £'000
TURNOVER
Continuing                                                                                  279                 874
Discontinued                                                                                102                   -

                                                                                            381                 874
Cost of sales

Continuing                                                                                    -                (480)
Discontinued                                                                                (74)                  -

                                                                                            (74)               (480)

GROSS PROFIT                                                                                307                 394

Administrative expenses
Continuing                                                                               (2,258)             (4,873)
Discontinued                                                                               (555)                  -

                                                                                         (2,813)             (4,873)
Other income                                                                                162                 121

                                                                                         (2,651)             (4,752)
OPERATING LOSS
Continuing                                                                               (1,817)             (4,358)
Discontinued                                                                               (527)                  -

                                                                                         (2,344)             (4,358)
Share of operating loss of associates                                                      (410)               (421)
Amortisation of goodwill on associates                                                      (35)                (70)
Loss on disposal of investments                                                             (54)               (123)
Profit on deemed disposal of minority interest in subsidiary                                  -               1,326
Profit on disposal of discontinued operations                                               416                   -
Amounts written off investments                                                          (1,372)             (1,846)

LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST                                              (3,799)             (5,492)
Interest receivable                                                                         116                 440
Interest payable                                                                            (16)               (327)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                              (3,699)             (5,379)
Taxation                                                                                      -                   -

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                               (3,699)             (5,379)
Minority interest                                                                           321                 645

LOSS FOR THE PERIOD/YEAR                                                                 (3,378)             (4,734)

Earnings per share - basic                                                               (0.28p)             (0.40p)
- fully diluted                                                                          (0.28p)             (0.40p)


Consolidated Balance Sheet

at 31 March 2002
                                                                                           2002            2001

                                                                                          £'000           £'000
FIXED ASSETS
Intangible assets                                                                           344           1,446
Tangible assets                                                                           3,070           3,523
Investments                                                                               4,348           3,549

                                                                                          7,762           8,518

CURRENT ASSETS
Stock                                                                                         -              64
Debtors due within one year                                                                 931           1,180
Debtors due after more than one year                                                        200             200
Cash at bank and in hand                                                                    725           3,310

                                                                                          1,856           4,754

CREDITORS: Amounts falling due within one year                                             (924)           (974)

NET CURRENT ASSETS                                                                          932           3,780


TOTAL ASSETS LESS CURRENT LIABILITIES                                                     8,694          12,298

CREDITORS: Amounts falling due after more than one year                                  (1,256)         (1,082)

                                                                                          7,438          11,216


CAPITAL AND RESERVES
Called up share capital                                                                  10,539          10,539
Share premium                                                                             3,069           3,069
Revaluation reserve                                                                        (258)           (258)
Profit and loss account                                                                  (5,912)         (2,534)


SHAREHOLDERS' FUNDS - Equity                                                              6,306           9,684
- Non-equity                                                                              1,132           1,132

SHAREHOLDERS' FUNDS                                                                       7,438          10,816
Minority interest                                                                             -             400

                                                                                          7,438          11,216

Consolidated Cash Flow Statement

for the six months ended 31 March 2002
                                                                                           2002            2001

                                                                                          £'000           £'000

Cash flow from operating activities                                                      (1,569)         (5,520)

Returns on investments and servicing of finance                                             100             113

Taxation                                                                                     (8)           (316)

Capital expenditure and financial investment                                             (1,044)         (2,862)

                                                                                         (2,521)         (8,585)

Acquisitions and disposals                                                                    -             531

Management of liquid resources                                                            2,569           6,961

Net cash inflow/(outflow) before financing                                                   48          (1,093)

Financing                                                                                   (64)            230

DECREASE IN CASH IN THE PERIOD/YEAR                                                         (16)           (863)




                                                                                           2002            2001

                                                                                          £'000           £'000

Decrease in cash in the period/year                                                         (16)           (863)
Decrease in liquid resources                                                             (2,569)         (6,961)
Change in net debt resulting from cash flows                                                  8              (4)
New finance leases                                                                           19            (226)


MOVEMENT IN NET DEBT IN PERIOD/YEAR                                                      (2,558)         (8,054)

NET FUNDS AT 1 OCTOBER 2001                                                               2,060          10,114


NET (DEBT)/FUNDS AT 31 MARCH 2002                                                          (498)          2,060



Notes


 1. The financial information contained in this unaudited interim report does not
    constitute statutory accounts as defined in section 240 of the Companies Act
    1985.

 2. The calculation of loss per share is based on a half year return of £
    (3,378,000) (year to 30 September 2001 £(4,734,000) ) and on the weighted
    average number of shares in issue during the period of 1,175,848,630 (year
    to 30 September 2001 1,175,848,630).

 3. No interim dividend is proposed.

 4. Copies of this interim report are being sent to all shareholders and are
    available from the Group's head office at 5th Floor, 80 Cannon Street,
    London EC4N 6HL.





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