Interim results for the period to 31 March 2007

IPSA Group PLC ('IPSA' or 'the Company'), the independent power plant developer in southern Africa, today announces its results for the six months to 31 March 2007.

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Highlights include:
  - Successful secondary listing of shares on AltX
  - Gross funds of £12.1 million raised during the period
  - €31.2 million (£21.3 million) acquisition of 500 MW of gas turbines destined for the Coega Project
  - Negotiations continue on further projects in the Eastern Cape region of South Africa
  - Commissioning of first gas-fired independent power plant in South Africa
  - Black Economic Empowerment discussions underway

Commenting, Stephen Hargrave, Chairman of IPSA, said:

"We are very pleased with the progress the Company has made since our last results announcement. The initial 18 MW project at Newcastle, KwaZulu Natal was commissioned and has since begun producing steam and we have also secured 500MW of turbines at an extremely attractive price compared to the market which are intended for the Coega Project. We are excited by the further opportunities that are presenting themselves in South Africa where the country's need for new generating capacity is shown by power shortages in many parts of the country, and we are looking forward to playing a part in meeting that need."

For further information please contact:

Peter Earl, CEO, IPSA Group plc 020 7793 7676

John Llewellyn-Lloyd, Noble & Company Limited 020 7763 2200

Allan Piper, First City Financial 07736 064 982 or 020 7242 2666