GMH Gaming VC Hldgs

RNS No 1931p
GROSMONT HOLDINGS PLC
27th January 1998


INTERIM REPORT
For the period from incorporation to 31 October 1997
  
Chairmans Statement

I am pleased to present my first Chairmans Statement since the group was
floated on AIM, on 26 June 1997.  This interim statement is for the period
ended 31 October 1997.  Our first audited accounts will be for the period from
incorporation on 21 April 1997 to 31 December 1997.  

Since its formation Grosmont has, as indicated in its AIM admission document,
sought to identify suitable investment opportunities.  To date we have
researched a number of possible opportunities but discarded each of them as
being not of the required quality or without the necessary growth prospects. 
We are continuing to research other potential opportunities but will not
commit to any investment unless we are entirely convinced of the investee
companys potential.  In the meantime, the funds raised from the placing are
being invested in short term bank deposits.  Income of #48,800 to 31 October
1997 was entirely bank interest.   Management expenses amounting to #19,200
relate only to the necessary costs of maintaining an AIM quotation.

My next Chairmans Statement will be in our first Annual Report, which we
anticipate will be released in February 1998.

Oliver Vaughan
Chairman

26 January 1998


CONSOLIDATED PROFIT AND LOSS ACCOUNT (unaudited)
                                                                              
                                                                Period from 24
                                                              April 1997 to 31
                                                                  October 1997
                                                                          #000

Management expenses                                                     (19.2)
Loss on ordinary activities before interest                             (19.2)
Interest receivable                                                      48.8 
Profit before taxation                                                   29.6
Taxation                                                                (10.3)
Profit after taxation                                                    19.3
Basic earnings per share - pence                                         0.02
Fully diluted earnings per share - pence                                 0.05


CONSOLIDATED BALANCE SHEET

                                           Unaudited
                                          31 October
                                                1997
                                               # 000

Fixed assets
Investments                                   250

Current assets
Debtors                                         1.3
Bank balances and cash                      2,284.9
                                            2,286.2

Creditors due within one year                 (26.4)
Net current assets                          2,259.8
                                            2,509.8
Capital and reserves
Called up share capital                     1,000.0
Share premium                               1,490.5
Profit and loss account                        19.3
Shareholders funds                          2,509.8
Net assets per share - pence                    2.51


CONSOLIDATED CASH FLOW STATEMENT

                                             Unaudited
                                         to 31 October 
                                                  1997
                                                  #000

Net cash outflow from operating activities        (4.4)

Returns on investment and       
servicing of finance       
   Interest received                              48.8

Cash outflow before management of liquid 
resources and financing                           44.4

Financing       
   Issue of shares                             2,250.0
   Expenses of share issue                        (9.5)
                                               2,240.5

Increase in cash in the period                 2,284.9


NOTES TO THE ACCOUNTS

1.       Basis of preparation

The unaudited financial statements for the period from incorporation to 31
October 1997 do not constitute statutory accounts.

2.       Taxation

The tax charge for the period to 31 October 1997 has been calculated at 21%
and represents an estimate of the appropriate proportion of the expected
charge to 31 December 1997.

3.       Dividends

As indicated in the prospectus, the Directors aim for capital growth and
therefore no dividend is being paid.

4.       Earnings per share

Basic earnings per share has been calculated on the profit after tax for the
period divided by the average number of shares in issue at 31 October of
100,000,000.   Fully diluted earnings per share includes warrants and options
which if exercised would give rise to the issue of a further 252,000,000
shares.

4.       Investments

                                 Listed           Unlisted              Total
                                   #000               #000               #000

Cost Additions                    110.0              140.0              250.0
At 31 October 1997                110.0              140.0              250.0
Market value                      133.0              112.0              245.0


5.       Other Information

The interim report was approved by the Directors on 26 January 1998.

A copy of the interim report will be posted to shareholders and made available
to the public at the Companys Registered office, 223a Kensington High Street,
London W8 6SG.


END


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