Interregnum plc (www.interregnum.com), is an AIM-listed technology
merchant bank (symbol: ITR). Established in 1992, it provides advisory
services including corporate finance, IP exploitation and commercial due
diligence to corporates, government, technology entrepreneurs, advisors and
investors. In addition it invests in technology companies, focused primarily
on principal equity stakes although, in some cases taking minority equity
stakes.


Last month Liontrust Investment Services Limited increased its interest to 13.4% of the issued share capital. Director Ian Taylor topped up at 5.69 pence in December.


Recent Trading Update 27 Jan 05

Interregnum's consolidated revenues for the six months ended 31 December 2004
showed an increase of more than 370% to 3.3m (1H 2003-4: 0.7m). This reflects
increased revenues from the Interregnum advisory business and from its
subsidiary Yospace, together with the full consolidation of the revenues of
Cellular Design Services (CDS) which was acquired in February 2004.

Consolidated operating losses were reduced to 719,000 (1H 2003-4: loss of
799,000).

Operating cash flow for period improved to -614,000 (1H 2003-4: -928,000), and
the cash balance at 31 December 2004 was 1.915m (31 December 2003: 1.1m)

Highlights from the three primary components of Interregnum's business were as
follows:

Interregnum Advisory Business
Advisory revenues increased to 453,000 (1H2003-4: 290,000), but this does not
yet show the full impact of the 7 new people hired during the period. On 16
December Interregnum acted as a placing agent alongside Collins Stewart in the
5.6m placing announced by Screen plc (AIM: SEN/L).

Investment Portfolio
The investment portfolio continued to perform well. New investments into the
portfolio increased to 458,000 (1H 2003-4: 125,000). These included 250,000
in Future Route, a supplier of software which helps financial institutions
detect and prevent credit card fraud, and 150,000 in Oilcats, a provider of
Supply Chain Content Management software and services to the Energy sector.

There were no significant realisations from the investment portfolio (1H 2003-4:
181,000), and the portfolio (net of provisions) was valued at 3.051m (31
December 2003: 2.499m)

Subsidiary Companies

CDS completed its first full trading period since its acquisition by
Interregnum, generating revenues (for the six months to 31 December 2004) of
2.313m, net before tax profits of 86,000, and net positive cash flow of
173,000. CDS has focused on higher-margin, complex wireless infrastructure
work, leading to deeper business relationships with operators such as O2, 3,
T-Mobile, and BT, with equipment vendors such as Nokia, and with large property
owners such as BAA.

Ken Olisa, Interregnum Chairman and Chief Executive commented: "We are pleased
with the progress of all parts of our business. CDS and Yospace are now making
significant contributions to group revenues, and we expect AVM to continue this
trend. The investment portfolio generally is performing well, and we are
particularly pleased with the speed at which the new members of Interregnum's
advisory team have been integrated into the business; we expect them to make a
substantial contribution to both advisory revenues and deal flow during the
second half of FY2003-4 and beyond."

Full interim results for this period are planned to be released at the end of February 2005

Any thoughts welcome!



SP has took of since the start of this year...

Keeps going in the right direction.
Anyone else got any thoughts?
Any chartists out there like the look of this chart?
I really am getting very bored making money on my own on this. ;-)
Alan

Interims released today, pretty much as expected.
No shares traded yet so it looks like me and the other two shareholders have adopted a wait and see policy on this one. ;-)
Alan

And we are glad we did adopt that policy. Trading statement from the new Parkmead group (new name for ITR) shows everything going a bit better than expected!!