Any comments would be welcome.

Thanks Apple

Looks like a determined buyer moving the price up to get shares. Copied below the Chairmans last statement.

CHAIRMANS STATEMENT

INTERIM REPORT - 30 SEPTEMBER 2003

A comparison of this half-years operating loss from trading activities of 60,697, before investment write-downs, with that of the last full year at 31/3/2003 at 299,180 (before investment write-downs) shows that considerable progress has been made along our path to profits as a group and to changing our Investment Company profile to that of a Holding Company with wholly owned profitable subsidiaries. I am hopeful that the first stage of this process will have been completed by our year-end in March 2004. This first stage will be the transformation to a profitable holding company with potential for capital appreciation from a seemingly loss making Investment Company, albeit that the losses are principally due to the requirement of the accounting conventions to write down the stock market value reductions of the investments through the Profit & Loss Account, even when no sale of the investments has taken place and it is the intention to hold the investment.

I am pleased to say that these results do reflect our progress towards profitability. Turnover at 1,315,504 for the half-year compares with 1,046,093 at the last year-end at 31/3/2003. This improvement is the result of a full six months inclusion of Audiotel International Ltd as a subsidiary and our accounts are affected by their half-year unaudited profit of 231,615. Audiotel, is trading on Budget, is in line for a major contract, which should bring satisfactory results at the year-end. Last year Audiotel achieved a profit of 783,882 before corporation tax, for the eight months to 31/3/2003.

Negotiations are ongoing for the acquisition of two further profitable companies and I hope to be able to make announcements about these in the near future.

We are pleased that Croma Group Plc was successfully introduced to AIM on 18 December having raised 1.5m, after two years of research and development of their military and surveillance products. We have supported the management of this Company and been their financial mainstay and we are proud of our joint success with the AIM flotation. This is another example of the success of our hands-on approach to investments.

Investment write-downs in this half-year take a massive 1.2m out of our Balance Sheet (See Notes 4 & 6) with 676,600 of this adding to losses in these accounts and are due to reductions in the share prices of Avatar Systems Inc, Harrell Hospitality Group Inc and Energy Technique Plc. All this is disappointing, but I suspect that the write-downs have now reached their highest point and we should see improvement at the full year-end, subject to world stock market levels. Shares in Avatar are now beginning to move upwards again and that company has recorded its best month ever in September this year.

It gives me no pleasure to have to present another set of accounts showing losses,
this time of 742,892, albeit that only 60,697 is actual operating losses from trading activities with the rest arbitrary write-downs dictated by the investment company accounting policies.


Stephen Komly
Chairman

19 December 2003

Still people buying, we should see an announcement soon.

LBN has the following investments.

taken from LBN WEBSITE)
1st Mortgage Company Limited
Albion Plaza Limited
Audiotel International Ltd
Avatar Systems Inc (USA)
Croma Group Plc
Energy Technique Plc
GRO Properties Plc
Harrell Hospitality Group Inc
Merchant House Group
Netcentric Systems Plc



1st Mortgage Company Limited


On 19 December 2001, the Company acquired the whole of the issued share capital of 1st Mortgage Company Limited in consideration for 100,000 and the issue of 15,000,000 Existing Ordinary Shares of 2p each at a premium of 5p per share together with deferred cash consideration of up to 225,000. This subsidiary company, which is consolidated in the financial statements, is a commercial lender and as at 19 December 2001 had cash at bank of 804,000 and other assessed financial assets of 727,000 (after making reserve).

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Albion Plaza Limited


This subsidiary owned a Grade 1 listed 10,000 sq ft property in Bristol at 14 Portland Square which was purchased in April 2000 for 450,000 (150,000 in shares) and sold for 700,000 on April 2002.

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Audiotel International Ltd


London & Boston acquired this company on January 2003.The company specializes in the manufactured of covert surveillance Bugging devices and Counter Surveillance systems de-bugging and is a market leader in the field. London & Boston purchased the company for 1.2m in cash with a further 200,000 deferred overt two years and a potential further 400,000 payable depending on the profitability of the company.

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Avatar Systems Inc (USA)


The Company invested $1.6m for 20% of Avatar, the Dallas-based oil industry software company, at $1 per share. Following a slight dilution of the Companys shareholding to 18.4% when it arranged to take Avatar public. London & Boston was also granted a warrant to purchase a further one million Avatar shares at $1 each exercisable on or before 10 July 2005 (these options are not valued in the Companys balance sheet). Following the Companys investment Stephen Komly joined the Avatar board of director as non-executive director and was instrumental in bringing about the NASD Bulletin Board quotation by the reverse of Avatar into a public shell company.

The Avatar business has over 350 oil company customers. Its 32 BIT Windows based Petroware 2000 product is a market leader and the Avatar400 software is a successful Internet application. Avatar intends to grow by acquisition and through organic expansion from its strong market position and a number of acquisitions are actively under discussion.

Avatar has shown some organic growth (and is negotiating its first intended acquisition). The Board of London & Boston believes that the events of 11 September 2001 will encourage increased activity in the US domestic oil industry.

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Croma Group Plc


The Company has invested in OFEX listed Croma and now holds 17.11% of this company. Croma specialises in the design, development and assembly of bespoke high-tech surveillance and monitoring equipment, systems and services for military, civil and commercial organisations. Stephen Komly and John May are members of the board of directors of Croma.

Croma operates in a niche market and has a proven expertise in its field. The Board feels that the events of 11 September 2001 will also increase the upside potential for this company given its apposite military surveillance products.

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Energy Technique Plc


In accordance with the Companys enhancement policy, London & Boston organised a consortium (including Harrell, the Chairman of Rotch, a company connected with the family of Geoffrey Dart and London & Boston) to invest 1.1m for 50.2% of Energy Technique, which has a full listing on the London Stock Exchange. The investment was completed on 15 June 2001. At that time London & Boston invested 230,354 in cash and 182,000 by the issue to Energy Technique of 1,820,000 Existing Ordinary Shares of 2p each in London & Boston at 10p each in exchange for the issue to London & Boston of ordinary shares in Energy Technique representing approximately 18.81% of Energy Techniques share capital plus options over a further 4% of this company exercisable within 5 years. Geoffrey Dart resigned as chairman of the company and Graham Mackenzie was appointed. Stephen Komly remains the senior non-executive director.

First established in 1879, Energy Technique specialises in the design, manufacture and distribution of high quality air conditioning and heating products. With an impressive customer list, including the Houses of Parliament, Nat West, HSBC and Barclays Banks, Marks & Spencer, Land Securities and Hilton hotels, The Savoy and Claridges hotels. The company has developed a high tech, energy saving, air conditioning system called the Ambassador System for commercial and hotel use. The consortium has brought and will continue to bring new introductions and business opportunities to expand Energy Techniques core Diffusion business.

The company has caused considerable excitement due to its innovative development of a system which removes all known airborne pathogens. The Company won the Fastest Moving Share Award for 2002 rising to 30p per share at one point from the 3p at which London & Boston arranged the re-financing of the company in June 2001

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GRO Properties Plc


London & Boston acquired on 24 August 2001 the entire issued share capital of GRO Properties Plc, a company with 80,000 of cash and ground rent freeholds, in consideration for the issue to the vendors of 2,204,080 Existing Ordinary Shares of 2p each in London & Boston at a premium of 6.75p per share. This company was sold on September 2002 for 200,000 cash.

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Harrell Hospitality Group Inc


London & Boston owns 12.8% of Harrell. Based in Dallas and London, this company specialises in the management and value enhancement of hotels and is quoted on the NASD Bulletin Board. The company is currently managing three hotels for third parties:- the highly rated Biltmore Hotel, Santa Clara, California, the award winning Rancho Santa Barbara Marriott, also in California and the Columbia Lakes Resort, near Houston, Texas.

Harrell is a Marriott franchisee and is the recipient of many management awards from the Marriott organisation and is also approved, amongst others, by the Hilton, Sheraton and Holiday Inn franchise organisations. Geoffrey Dart is chairman of this company. London & Boston has options for a further 250,000 shares in Harrell, exercisable at $1.25 per share on or before 1 February 2006.

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Merchant House Group


The Company has acquired a 14.99% stake in Airow plc now named Merchant House Group for a cash consideration of 305,000. Merchant House Group is an AIM quoted company with cash reserves of 1.4 million. Geoffrey Dart was appointed to the board of Merchant House Group and resigned on 18th January 2003.

On the 7th Feb 2002 a further acquisition was made of 679,320 Ord shares at 29.9p each representing 9.99% bringing the total London & Boston Investment to 1,698,640 shares representing 24.98% of Airow Plc.

Stephen A Komly joined the Board of Directors and resigned on 27th September 2002. Geoffrey Dart was appointed Executive Chairman. Peter Cotgrove was also appointed to the Board and is now Chairman after the resignation of Geoffrey Dart on 18th January 2003.

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Netcentric Systems Plc


The Company currently owns 49% of Netcentric, which is quoted on AIM. The company had been in software, but had lost most of its Capital under the old Board.

Following the appointments of Stephen Komly as Chairman and John May as Finance Director, when London & Boston the new board has implemented a plan to stabilize this companys finances and the company is now a Cash Shell. The board of Netcentric has announced its intention to seek to acquire an additional profitable business.

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In the last statement it mentions:
Negotiations are ongoing for the acquisition of two further profitable companies and I hope to be able to make announcements about these in the near future.

Release: 6 February 2004

London & Boston Investments Plc

(the 'Company')

Notifiable Interest

The Company has been informed that, on 5 February 2004, Southwind Ltd purchased
11,681,880 ordinary shares in London & Boston Investments Plc from New
Opportunity Investment Trust plc. The transaction represents 13.7% of the
issued share capital. Southwind Ltd are now interested in a total of 14,181,880
ordinary shares being 16.6% percent of the issue share capital.

New Opportunity Investment Trust plc no longer holds a notifiable interest in
the Company.

For further details contact:

Stephen Komlosy - Chairman

London & Boston Investments plc

020 7881 0800

Or

Andrew Tan

Hansard Communications

020 7245 1100

Up 12% today, anybody with any news on this company?

The share price is holding up are we due for an announcement soon as mentioned
in the last results 12/2003?

todays news is very encouraging.
Remember mkt cap of LBN is only about 5m. Set to make 2m profit this year & one company they own - PSG is to turnover 32m this year.

I'm in LBN this morning.. excellent prospects... should do well this year..(dyor, imho).. will keep topping up at these levels...anyone else in LBN ?