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Myratech.net PLC (MYA)

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Wednesday 21 July, 2004

Myratech.net PLC

Interim Results

Myratech.net PLC
21 July 2004

                                Myratech.net plc
        Unaudited Interim Results for the six months to 31 December 2003

Introduction
I report the December 2003 interim results for Myratech. The Company's
accounting period has been extended to 30 June. The next set of audited accounts
will cover the 18 month period 1 January 2003 to 30 June 2004.

Results and Finance
Turnover for the second half of 2003 year was up by 8.8% over the first half
year to £891,000. Gross margin was shown as 56.9% compared to 31.1% for the
period to June 2003. There was a profit for the second half amounting to
£181,000 compared to a first half loss of £257,000.

The improvement in the results was due to settlements with significant creditors
and sale of the Sage business that was concluded in January 2004. It was not due
to an improvement in underlying trading performance.

The Directors do not intend to recommend a payment of a dividend.

Board
Barry Welck and founder Mark Abrams left the Board during July 2003. The Board
currently comprises P D Sperry (chief executive officer), Nicholas Hamilton
(non-executive chairman) and Peter Reynolds (non-executive director). The
Directors believe this is an appropriate balance at this stage of the Company's
development.

Future Outlook
Due to the continuing poor trading performance and financial uncertainty the
Company's share trading facility on the Alternative Investment Market (AIM) was
suspended on 25 March 2004. The Company was later placed into Administration on
22 April 2004.

The joint Administrators of the Company, CK Rayment and AJ Galloway of BDO Stoy
Hayward LLP Birmingham, convened creditors and members meetings on 25 June and 1
July 2004 respectively to approve a Company Voluntary Arrangement (CVA) that
they proposed would achieve a more advantageous realisation of the Company's
assets than would be effected on a winding-up and the possibility of future
value to the members. The CVA was approved at both meetings.

P Duncan Sperry
Chief Executive Officer

16 July 2004


Group Profit and Loss Account
                              Unaudited     Unaudited    Unaudited      Audited                               
                            6 months to   6 months to      year to      year to
                            31 December       30 June  31 December  31 December
                                   2003          2003         2003         2002
                                  £'000         £'000        £'000        £'000

Turnover                            891           819        1,710        1,894
Cost of sales                      (384)         (564)        (948)      (1,258)
                              ---------     ---------    ---------    ---------
Gross profit                        507           255          762          636
Other operating expenses           (340)         (513)        (853)      (1,244)
Interest receivable                   7             1            8            4
Interest payable                     (6)            -           (6)          (4)
                              ---------     ---------    ---------    ---------
Profit/(loss)on ordinary
activities before taxation          168          (257)         (89)        (608)
Taxation                             12             -           12           22
                              ---------     ---------     ---------    ---------
Profit/(loss) on ordinary
activities after tax                180          (257)         (77)        (586)
                              ---------     ---------     ---------    ---------
Basic profit/(loss) per share       0.6p         (0.9p)       (0.3p)      (2.1p)
Diluted profit/(loss) per share     0.5p         (0.8p)       (0.2p)      (1.9p)


Group Balance Sheet
                                 Unaudited    Unaudited        Audited
                               31 December      30 June    31 December
                                      2003         2003           2002
                                     £'000        £'000          £'000
Fixed Assets
Tangible assets                         32           48             80
                                 ---------    ---------      ---------
                                        32           48             80
Current Assets
Stock                                   28           46             59
Debtors                                173          322            338
Cash at bank and in hand                16           10             73
                                 ---------    ---------      ---------
                                       217          378            470

Creditors: amounts falling
due within one                        (435)        (792)          (676)
year
                                 ---------    ---------      ---------
Net current liabilities               (218)        (414)          (206)
                                 ---------    ---------      ---------
Creditors: amounts falling
due after more                           -            -             (3)
than one year
                                 ---------    ---------      ---------
Net (liabilities)/assets              (186)        (366)          (129)
                                 ---------    ---------      ---------

Capital and Reserves
Called up share capital                296          289            289
Share premium                        4,877        4,864          4,864
Merger reserve                        (118)        (118)          (118)
Profit and loss account             (5,241)      (5,421)        (5,164)
                                 ---------    ---------      ---------
                                      (186)        (366)          (129)
                                 ---------    ---------      ---------

Group Cash Flow
                                        Unaudited      Unaudited        Audited
                                      6 months to    6 months to        year to
                                      31 December        30 June    31 December
                                             2003           2003           2002
                                            £'000          £'000          £'000
Nest cash outflow from operating
activities                                    (90)           (78)          (343)

Returns on investment and
servicing of finance                            2              1              -

Capital expenditure and
financial investment                           (5)            (1)            (1)
                                        ---------      ---------      ---------
Cash outflow before management
of liquid resources and financing             (93)           (78)          (344)
 
Financing
Issue of ordinary shares                       20             20             59
R&D tax credit                                 26
Decrease in debt                              (10)            (5)           (24)
                                       ----------     ----------      ---------
Decrease in cash in the period                (57)           (63)          (309)


Notes to the audited interim report for the period ended 31 December 2003

 1. Basis of preparation
    The financial information contained in this interim report does not
    constitute statutory accounts as defined in section 240 of the Companies Act
    1985.

    The accounts for the year ended 31 December 2002 have been reported on by
    the auditors, Baker Tilly, without qualification and have been delivered to
    the Registrar of Companies and did not contain a statement under section 237
    (2) or (3) of the Companies Act 1985.

    The financial information contained in this interim report has been prepared
    on the basis of the accounting policies set out in the Group's statutory
    accounts for the year ending 31 December 2002. They have been prepared on a
    going concern basis which assumed that the company would continue in
    operational existence for the foreseeable future. Since the company was
    unable to continue in operational existence adjustments would have to be
    made to reduce the balance sheet value of assets to their recoverable
    amounts.

 2. Basis of consolidation
    The Group's financial information consolidates that of the Company and all
    its subsidiary undertakings.

 3. Profit/(loss) per share
    The calculation of profit/(loss) per share is based on the profit/(loss) for
    the financial period and 29,259,658 (June 2003 28,914,779) ordinary shares,
    being the weighted average number of shares in issue during the period.

    The calculation of diluted earnings per share assumes the conversion of all
    options and warrants. It is based on the profit/(loss) after tax for the
    period and 32,810,293 (June 2003 30,826,415) ordinary shares, being the
    weighted average number of shares in issue during the period.

 4. Interim Report

Copies of the interim report will be sent to shareholders. Further copies can be
obtained from the Company's registered office at 32 Bedford Row, London WC1R
4HE.



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