RNS Number:6577T
Abraxus Investments PLC
29 December 2003


                            Abraxus Investments plc
                                Interim Results
                   for the six months ended 30 September 2003

Abraxus Investments, the AIM listed venture that specialises in identifying
international and UK commercial property related investment opportunities,
announces its results for the six-months ended 30 September 2003.

Chairman's Statement

I am pleased to announce the interim results for the six-months ended 30
September 2003. We remain committed to identifying investment opportunities in
commercial property, with a focus on Eastern and Central Europe, where yields
are attractive and there is strong potential for capital growth.

Through this initial research phase of identifying suitable investment
opportunities, we have husbanded our resources well and are therefore reporting
a small pre-tax loss for the period of #29,823 (2002: #160,936). We have a
strong cash balance of #2.1 million (2002: #1,564,120) plus a defined strategy
that we believe will dramatically enhance shareholder value in the future.

The international property market, especially in Eastern and Central Europe, now
offers exciting investment opportunities upon which we hope to capitalise. We
believe that we are the only London quoted property vehicle that is currently
implementing such a strategy. We have considerable expertise in property
investment and development within the region, as well as good access to
financing.

The expansion of the EU should benefit our strategy, as investment in new
members stimulates economic growth for the foreseeable future. We are currently
assessing a number of opportunities that we hope to be able to update our
shareholders on in the near future.

I look forward to the future with confidence.

Phil Edmonds
Chairman

Abraxus Investments Plc
Results for the six-months ended 30 September 2003
Balance Sheet as at 30 September 2003

             Unaudited     Unaudited        Unaudited        Unaudited    Audited year  Audited year
                                                                               ended         ended
              26 weeks      26 weeks    26 weeks ended   6 weeks ended     31-Mar-03     31-Mar-03
                 ended         ended        30-Sep-02        30-Sep-02
             30-Sep-03     30-Sep-03

Current
assets

Stock

Debtors          5,288                                                       224,834

Cash at
bank         2,101,126                      1,564,120                      1,938,871
and in hand
              ________                       ________                       ________
             2,106,414                      1,564,120                      2,163,705

Current
liabilities    (18,822)                       (50,658)                       (45,290)
              ________                       ________                       ________
Net current
assets                     2,087,592                         1,513,462                   2,117,415
                            ________                          ________                    ________
Total
assets
less                       2,087,592                         1,513,462                   2,117,415
current
liabilities

Creditors -
amounts
falling due
after one
year

Loans                0                              0                              0

Deferred             0                              0                              0
rent
                           _________                          ________                    ________
                                   0                                 0                           0
Provisions
for                                0                                 0                           0
liabilities
and
charges

Net                        2,087,592                         1,513,462                   2,117,415
assets

Capital and
reserves
Called up
share                      1,311,472                           943,972                   1,311,472
capital

Share                      7,303,754                         7,006,939                   7,303,754
premium
Profit and
loss b/f                  (6,527,634)                       (6,437,449)                 (6,497,611)
                           _________                         _________                   _________
                           2,087,592                         1,513,462                   2,117,415

The interim results have been prepared in accordance with applicable United
Kingdom accounting standards, using the historical cost convention. The
financial information for the half year ended 30 September 2003 was approved by
the Board on 22 December 2003. The financial information contained in this
report does not constitute statutory accounts for the group for the relevant
periods. The interim report is not audited, nor has it been reviewed by the
auditors. The results for the year ended 31 March 2003 have been extracted from
the Annual Report and Accounts which received an unqualified auditors' report
that did not contain a statement under section 237(2) or (3) of the Companies
Act 1985, and have been delivered to the Register of Companies.

Profit and Loss account for 26 weeks ended 30 September 2003

                              Unaudited        Unaudited       Audited
                          26 weeks ended   26 weeks ended   Year ended
                              30-Sep-03        30-Sep-02     31-Mar-03

Turnover                              -                -             -

Cost of sales                         -                -             -
                              _________         ________      ________
Gross profit                          -                -             -
Administrative expenses         (64,546)        (189,842)     (279,309)
                              _________         ________      ________
Operating Loss                  (64,546)        (189,842)     (279,309)
Loss on sale of fixed                 -                -             -
assets
Interest receivable and
similar                          34,723           28,906        58,011
income
                               ________         ________      ________
Loss on ordinary
activities                      (29,823)        (160,936)     (221,298)
before taxation
Tax on profit on                      -                -             -
ordinary activities
                               ________         ________     _________
Loss on ordinary
activities                      (29,823)        (160,936)     (221,298)
after taxation

Minority interest
Retained loss for the           (29,823)        (160,936)     (221,298)
period

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