MRM Metrodome Grp.

RNS No 3285c
METRODOME GROUP PLC
29th January 1998


METRODOME GROUP PLC

Acting Chairman s half-yearly report

Since the publication of the accounts to 31 March 1997, there have been a
number of changes at the Company.  Paul Brooks has resigned as a director of
the Company in order to pursue his interests in the USA and Geoffrey
Chamberlain stepped down as a non-executive director.  I have filled the
position as Chairman for an interim period.

Paul Brooks will shortly, be operating out of California and has indicated a
desire to actively source joint venture parties for existing Metrodome
projects and collaborate in other areas of the Companys rights owning
activities.

Film production

The half-year saw the completion of The Real Howard Spitz (formerly Writers
Block) which is scheduled for delivery to world distributors shortly.  The
film stars Kelsey Grammar of Channel 4 s award-winning series Frasier and
Amanda Donohue.  Sales of the film have gone well to date with major sales
having already been effected to a number of the worlds largest territories
such as Australia, Spain, Germany, Scandinavia and the USA.  A very
satisfactory deal has, also, been concluded for world airline rights.

Through our sales agent, The Real Howard Spitz will be offered to remaining
world territories at the forthcoming trade fair in Los Angeles, known as AFM
(American Film Market).

Due to current cash restrictions, the necessity to obtain funding partners and
the emphasis on the distribution business, there are no productions scheduled
to commence in the immediate future.  The Hotel California project which has
been developed with British Screen is currently seeking a director and the
Company will participate further only if this is on a non-recourse basis.

Distribution

As the dynamics of the Group have changed to rights owning, our UK
distribution business, Metrodome Distribution, has become the core of the
Group.

The calendar year 1997, its first year of trading, saw the theatrical release
of seven feature films, which has established the Company as a distributor of
an eclectic mix of intelligent, distinctive films, specifically aimed at the
UKs core audience - the 18-35s.
The releases have included the critically acclaimed Palookaville and Chasing
Amy, both of which entered the London Top Five as well as reaching number Ten
in the UK charts.

An exciting catalogue of films has already been acquired for distribution in
the first half of 1998.  The current programming, subject to cinema scheduling
is:

       January            The Ugly

       April              Stiff Upper Lips

       May                The Real Blonde

       June               Girls Town

       July               Metroland

       August             A Kind of Hush

The release of the Merchant Ivory spoof Stiff Upper Lips starring Peter
Ustinov, Prunella Scales and Sean Pertwee will be backed by a substantial
advertising campaign which will enhance the profile of both the film and the
Company.  We are also delighted to be releasing Metroland, based on Julian
Barnes acclaimed novel.  Simultaneously with the release, a soundtrack album
will be available, featuring many 60s and 70s classics as well as exclusive
music written by Mark Knopfler of Dire Straits.

The UK release of The Real Blonde will follow very closely on from Paramount s
major distribution of the film in the USA on February 27th.  The top drawer
cast includes Matthew Modine, Kathleen Turner, Darryl Hannah and Christopher
Lloyd.

At the end of last year, following UK theatrical releases, the first of the
Company s acquisitions were released on video rental through Fox Pathe, with
whom we are building an excellent, but non-exclusive arrangement; Margarets
Museum starring Helena Bonham-Carter and The Near Room both performed well. 
Palookaville produced by The Full Monty s Uberto Pasolini will be released on
rental in March, bearing the narrative From the producer of the Full Monty on
the video sleeve, which should act as a boost to sales.  Both Johns and Pusher
are being released straight to the sell-thru market, shortly.

All of the above titles are expected to contribute significantly to the
Company s income stream through a mixture of theatrical, video, TV and
ancillaries.

We anticipate that further titles will be acquired at the forthcoming American
Film Market.

We have quickly established a growing relationship with the pay and free TV
buyers with whom deals look likely to be agreed this year, much earlier than
the 1999 estimate indicated in our last published statement.

TV broadcasters have shown particular interest in the in-house production The
Real Howard Spitz which has been received very well at its market screenings. 
The film will be released in the UK during 1998 and a public test screening
has been arranged in conjunction with the London Evening Standard.

Internet

Since the initial investment in SMARTNet in December 1995, no additional
significant internet investments have been made.  Integem plc set up in 1996,
consolidated various parties internet interests but in late 1997 a decision
was taken to place SMARTNet into liquidation.  Integem plc has maintained its
interests in Enterprise plc, the Isle of Man based service provider and is
attempting to establish itself as a specialist designer of internet web sites.
 Our partners have now indicated a desire to purchase our holding and
accordingly negotiations in this regard are currently in progress.

Conclusion

Since the publication of the Report and Accounts for the year ended 31
December 1997, almost four months ago, the Groups cash resources remain
limited.  However, the progress of the distribution company together with the
agreed and prospective sales of the Real Howard Spitz are, clearly,
encouraging.

The Company s strategy continues to be under constant evaluation by the Board
and, notwithstanding current constraints continues to seek profitable
activities within the media sphere.

I would like to thank my fellow directors for their hard work and unflagging
enthusiasm in what has been a difficult period for the Group.




Stephen Corner
Acting Chairman

29 January 1998


 METRODOME GROUP PLC

Unaudited consolidated profit and loss account
Interim Results for the six months
to 30th September 1997

                                   Six months               Year ended
                                   ended 30th               31st March
                                   September                1997
                                   1997
                                   # 000                    # 000

Turnover                              98                      116

Cost of sales                        -                       (238)  

Gross profit/loss                     98                     (122)

Net operating expenses              (166)                    (452)

Operating loss                       (68)                    (574)

Share of results of associated 
undertakings                           -                      (95)

Interest receivable and similar income 2                       24

(Loss) on ordinary activities before and after
taxation                             (66)                    (645)  

(Loss) per share       -    basic  (0.27)p                  (2.63)p


Notes to Interim Report

(a)       Comparative Figures
       The comparative figures are for the year ended 31st March 1997 and are
       as reported in the Financial Statements for that period.

(b)       Basis of Preparation

       The accounts for the six months ended 30th September 1997 have not been
audited.  They have been prepared in accordance with the relevant accounting
standards on a consistent basis using the accounting policies set out in the
Annual Report.  The figures for the twelve months ended 31st March 1997 do not
constitute the Company s statutory accounts for that period but have been
extracted from the statutory accounts which have been filed with the Registrar
of Companies - the Auditors have reported on those accounts and that report
was unqualified and did not contain a statement under either Section 237(2) or
273(3) of the Companies Act 1985.

       These accounts do not constitute statutory financial statements within
the meaning of Section 240 of the Companies Act 1985.

METRODOME GROUP PLC
Unaudited consolidated balance sheet
Interim Results for the six months
to 30th September 1997

                    As at 30th September 1997              As at 30 March 1997
                    # 000           # 000                  # 000         # 000

Fixed Assets

Tangible Assets                        17                                   17
Investments                             -                                    -
                                       17                                   17

Current Assets

Stock                               1,086                                  368
Debtors                               181                                   88
Cash at bank and in hand              106                                  296
                                    1,373                                  752

Creditors

Amounts falling due
within one year                     (933)                                (250)

Net current assets                   466                                  502

Total assets less current liabilities463                                  529

Creditors

Amounts falling due after more
than one year                       (150)                                (150)

                                    ____                                 _____

                                     313                                  379

Capital and Reserves

Called up share capital              246                                  246
Share premium account              1,139                                1,139
Profit and loss account           (1,072)                              (1,006)

Shareholders funds (equity interests)313                                  379


END

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