(EXC.L) EXC PLC Buy/Sell

30 September 2009

("EXC" or "the Company")
Half-yearly results for the six months ended 30 June 2009

CHAIRMAN'S STATEMENT

Introduction

I report on the Group's results for the interim period 1 January 2009 to 30 June 2009.

Results and dividends

The loss after taxation for the six month period amounted to £256,000 (six month period ended 30 June 2008 - £701,000) and the loss per share was 0.07 pence (six month period ended 30 June 2008 - 0.19 pence). The directors do not recommend the payment of a dividend.

Trading

Although the Group's revenues and gross margins have improved compared to the same period in 2008, the Group has continued to generate operating losses. The Group's core procurement services are beginning to show signs of revenue growth as customers enter into new budgetary phases, although gross margins remain tight due to competition for orders. The Group's rental division currently has 27 pieces of heavy equipment leased out to customers and this area continues to be a relatively small but stable profit centre. Our ground work to obtain orders in the oil sector continues, but after two years we are still waiting for our first order in this area, although negotiations are progressing very slowly.

Outlook

In my statement dated 30 June 2009 covering the Group's financial statements for the year ended 31 December 2008, I reported that, in addition to cutting Group costs, in line with many AIM quoted companies, serious consideration was being given to de-listing the Company from AIM. The Board have subsequently concluded that de-listing is in the best interests of shareholders. A circular is due to be posted to all shareholders shortly outlining the Board's rationale for proposing the de-listing, together with a notice of general meeting at which shareholders will be asked to approve the proposal which, to be passed, must be approved by at least 75 per cent of the votes cast on the resolution.

Michael Edelson

Chairman

30 September 2009

FURTHER ENQUIRIES

EXC plc Tel: 0161 975 0434

Michael Edelson - Chairman
John East & Partners Limited, a subsidiary of Merchant Tel: 020 7628 2200

Securities plc David Worlidge / Simon Clements

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2009

1 January 1 January Year

2009 2008 ended

to 30 June to 30 June 31 December

(unaudited) (unaudited) (audited)

£000 £000 £000

Continuing operations
Revenue 1,281 756 1,468

Cost of sales (1,159) (692) (1,230)

Gross profit 122 64 238

Administrative expenses (376) (313) (813)

Operating loss (254) (249) (575)

Investment income - 6 14

Finance costs (9) (7) (24)

Loss on ordinary activities before (263) (250) (585)

taxation
Income tax credit 7 - 6

Loss from continuing operations (256) (250) (579)

Loss from discontinued operations - (451) (518)

Loss for the financial period (256) (701) (1,097)

Other comprehensive (expense)/ income
Foreign currency translation (121) (10) 51

differences for foreign operations
Total comprehensive loss for the (377) (711) (1,046)

period Loss per share - basic and diluted
From continuing operations (0.07p) (0.07p) (0.15p)

From discontinued operations - (0.12p) (0.14p)

From continuing and discontinued (0.07p) (0.19p) (0.29p)

operations

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2009

1 January 1 January Year

2009 2008 ended

to 30 June to 30 June 31 December

(unaudited) (unaudited) (audited)

£000 £000 £000

Balance at the beginning of the 1,281 1,985 1,985

period Total comprehensive loss for the period
Loss for the period (377) (711) (1,046)

Other comprehensive income
Foreign currency translation - - 342

differences
Balance at the end of the period 904 1,274 1,281

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2009

30 June 30 June 31 December

(unaudited) (unaudited) (audited)

£000 £000 £000

Assets Non-current assets
Intangible assets 108 108 108

Property, plant and equipment 753 618 886

Current assets
Trade and other receivables 404 520 941

Cash and cash equivalents 183 245 380

587 765 1,321

Assets of a disposal group classified as 3 533 13

held for sale
590 1,298 1,334

Total assets 1,451 2,024 2,328

Current liabilities
Trade and other payables (297) (236) (400)

Current borrowings (213) (86) (607)

(510) (322) (1,007)

Liabilities of a disposal group (37) (428) (40)

classified as held for sale
(547) (750) (1,047)

Total liabilities (547) (750) (1,047)

Net current assets 43 548 287

Net assets 904 1,274 1,281

Equity attributable to equity holders of the parent
Called up share capital 373 373 373

Share premium account 185 185 185

Translation reserve 214 (128) 214

Retained earnings 132 844 509

Total equity 904 1,274 1,281

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2009

1 January 1 January Year

2009 2008 ended

to 30 June to 30 June 31 December

£000 £000 £000

Cash flows from operating activities
Net cash from continuing operations 201 723 294

Net cash (used in)/generated from (11) 1,266 1,313

discontinued operations
Cash generated from operations 190 1,989 1,607

Investment income - (6) (14)

Finance costs 9 7 24

Net cash generated from operating 199 1,990 1,617

activities Cash flow used in investing activities
Investment income received - 6 14

Purchase of property, plant and equipment (1) (122) (339)

Net cash used in investing activities (1) (116) (325)

Cash flow used in financing activities
Finance costs paid (9) (7) (24)

Net cash used in financing activities (9) (7) (24)

Net increase in cash and cash equivalents 189 1,867 1,268

Effects of exchange rate changes 12 (10) 205

Cash and cash equivalents at the (228) (1,701) (1,701)

beginning of the period
Cash and cash equivalents at the end of (27) 156 (228)

the period
Cash and cash equivalents per balance (30) 159 (227)

sheet
Cash and cash equivalents classified as 3 (3) (1)

held for sale
Cash and cash equivalents at the end of (27) 156 (228)

the period

NOTES TO THE INTERIM REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2009

1. Reporting entity

EXC plc (the "Company") is a company registered in England and Wales. The condensed consolidated interim financial statements of the Company for the six month period ended 30 June 2009 comprise the Company and its subsidiaries (together the "Group").

2. Statement of compliance

This interim financial report has been prepared on the basis of the recognition and measurement requirements of IFRS in issue that are either endorsed by the EU and effective (or available for early adoption) at 31 December 2009.

These condensed consolidated interim financial statements should be read in conjunction with the Report and Accounts for the year ended 31 December 2008, which were approved for issue by the Board of Directors on 30 June 2009, as it provides an update of previously reported information. The comparative figures for the year ended 31 December 2008 are not the company's statutory accounts for the financial year.

The comparative figures for the year ended 31 December 2008 were derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. Those accounts received an unqualified audit report which did not contain statements under sections 498 (2) or (3) of the Companies Act 2006.

These condensed consolidated interim financial statements were approved by the Board on 30 September 2009. The financial information contained therein for the six month period ended 30 June 2009 and similarly the six month period ended 30 June 2008 has neither been audited nor reviewed.

3. Significant accounting policies

The accounting policies used in the presentation of these condensed consolidated interim financial statements are consistent with those used in the consolidated financial statements for the year ended 31 December 2008.

4. Estimates

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2008.

5. Operating segments

The Group operates in a sector where no significant seasonal or cyclical variations in revenues and operating results are experienced during the financial year.

Subsequent to the close down of operations of David Conrad (International) Limited during the year ended 31 December 2008, the Group is currently organised into one operating subsidiary, Excalibur Ventures Limited, and its UK holding company EXC plc. This is the basis on which the Group reports its primary segmental information. In the table below, all revenues are generated by sales to external parties.

Excalibur EXC Total

£000 £000 £000

Performance by activity: Revenue: