LENDU HOLDINGS PLC


OWNERS AND OPERATORS OF IRRIGATED-COTTON, BEEF-CATTLE AND CEREAL FARMS,
COMPRISING 26,000 HECTARES, IN QUEENSLAND AND NEW SOUTH WALES, AUSTRALIA


Announcement of unaudited interim results
for the six months ended 31 December 2002



Highlights from the chairman's statement and unaudited interim results
as follows


* Farm loss, as normal, recorded in first half since Group's main
income, from cotton, received in second half

* Profit before tax of £1,000, compared with loss of £355,000 in 2001,
owing to sale of investments realising profit of £648,000

* Transfer to Alternative Investment Market and Warendi acquisition
successfully completed in August and September 2002 respectively

* Reduced area of 1,320 hectares of cotton planted in September owing
to Australia's drought

* Harvesting due to commence shortly and...