Tower Gate Capital Limited
LSE : TGCP

December 23, 2008 09:18 ET

Interim results for the 6 months ended 30 September 2008

23 December 2008


                                        TOWER GATE CAPITAL LIMITED
                                                     
                         INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2008


Tower  Gate Capital Ltd ("Tower Gate Capital" or the "Company") is pleased to announce its interim  results
for the six month period ended 30 September 2008. These figures are unaudited but have been reviewed by the
Company's auditors.

CHAIRMAN'S STATEMENT

This  was the first six months since our admission onto London PLUS Markets. We operated against a backdrop
of  continuing  deterioration  in  the  financial markets, and the  last  month  of  September  was  fairly
extraordinary, as global banks blew up, merged or were part-nationalised.

That  said,  as most of our business involves young projects, with little debt, we were less affected  than
others.  But it has still been a very difficult market in which to operate, with counter-parties in trouble
or  frozen.  We expect this will provide major opportunities, that we are already seeing, but at  the  same
time  we  will  consider  ceasing to invest in or spend much time on some of our activities,  as  only  the
stronger projects will survive the continuing downturn.

During  the six months, we made an operating profit of £67,458 and a small net profit after interest  costs
of  £1,133.   We  also  achieved an unrealised surplus on our investment portfolio of  £453,925.   This  is
principally  owing to new investments in two oil projects, AU Energy GMBH and Medoco AG.  We  have  already
made  an  announcement about AU Energy, our Swiss/Ukrainian investment. AU Energy has licences  to  exploit
three  existing  fields in the Crimea, in joint venture with a Ukraine Government oil  company.  Medoco  is
currently involved in a confidential project, but we would hope to make an announcement at some point.

On  Tower  Gate  Capital's strategy, we continue to take on a very small number of projects each  year.  On
each,  we  expect  to provide advisory services and make an investment of either a significant  amount  and
corresponding  equity percentage, or a more modest one, to show commitment. Some of these projects  can  be
risky, but show corresponding and significant up-side.

Finally with the financial markets continuing to deteriorate rapidly, the coming months and next years will
provide  some  large opportunities for the brave. We are hopeful that Tower Gate Capital will  be  able  to
successfully acquire some interesting transactions, as well as make further strategic strides.




Mr M Hudson
Chairman

22 December 2008



GROUP PROFIT AND LOSS ACOUNT

                                                               Six months    Six months          Year
                                                                    ended         ended         ended
                                                             30 September  30 September      31 March
                                                                     2008          2007          2008
                                                                        £             £             £

Turnover                                                           147,125      105,500       428,571
Net (loss)/profit arising from fixed asset investments              (2,989)     218,546      (193,745)
                                                            ---------------------------------------------
Gross profit                                                       144,136      324,046       234,826
Administrative expenses                                           (76,678)     (273,829)     (593,880)
                                                            ---------------------------------------------
Operating profit/(loss)                                             67,458       50,217     (359,054)
Interest receivable and similar income                               3,265          212        1,091
Interest payable and similar charges                               (69,590)     (32,271)    (105,541)
                                                            ---------------------------------------------
Profit/(loss) on ordinary activities before taxation                 1,133       18,158     (463,504)
Taxation                                                                 -            -            -
                                                            ---------------------------------------------
Profit/(loss) for the period                                         1,133       18,158     (463,504)
                                                            ---------------------------------------------


GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                               Six months    Six months          Year
                                                                    ended         ended         ended
                                                             30 September  30 September      31 March
                                                                     2008         2007           2008
                                                                        £            £             £

Profit/(loss) for the period                                         1,133       18,158      (463,504)

Unrealised surplus on fixed asset investments                      453,925       93,047        29,026

                                                            ---------------------------------------------
Total recognised gains and losses relating to the period           455,058      111,205      (434,478)
                                                            ---------------------------------------------




THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

                                                 --ENDS--

CONTACT DETAILS:

Tower Gate Capital Limited:       Michael Wright           Tel: 020 7754 0400

Fisher Corporate Plc:             Carolyn Hazard           Tel: 020 7388 7000

Contact Information

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