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In-Solve plc (INSP)

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Thursday 28 April, 2011

In-Solve plc

Final Results


                                 In-Solve Plc                                  

                         ("In-Solve" or the "Company")                         

               FINAL RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2010               

CHAIRMAN'S STATEMENT

I am pleased to present my review of the Company for the year ending 30
November 2010.

As reported in last year's financial statements the Directors carried out a
review of the Company's activities during the second half of 2009 and they
subsequently decided to change the Company's investment strategy to one that is
a generalist one with no specific sector, national or regional focus. In tandem
with this change in strategy the Company resolved to change its name to
In-Solve Plc.

It is now the Board's intention that the Company be either an active investor
and acquire control of a single company or it may be a passive investor and
acquire non-controlling shareholdings or other assets or businesses where it is
deemed to be in the best interest of the company. The Company currently has
investments in two businesses.

Wilton Petroleum Limited

The investment in Wilton, which represents 6.55% of Wilton's equity, was
acquired in 2008 and was substantially provided for in the Company's annual
accounts for that year. Wilton is an unquoted hydrocarbon exploration company,
whose main asset is an interest in an exploration block in the north-west part
of mainland Madagascar, designated as the Maravoay Block 2102. In July 2010
Ophir Energy Plc entered into an agreement with Wilton to acquire an 80%
interest in Block 2102 and Operatorship of a Production Sharing Contract. The
Directors consider this agreement to be a positive move for Wilton and one
which will increase the value of the Company's interest in Wilton. We await
news from Ophir on whether it plans to drill this block with extreme interest.

Metroelectric plc

In the final quarter of 2009 the Company was involved in the financing of the
acquisition of the Powabyke business, a well established supplier of electric
powered bicycles to the UK market, by Powabyke Acquisition Limited, which was
subsequently acquired by Metroelectric, a PLUS quoted company, Following the
acquisition the Company was issued with 12,500,000 shares in Metroelectric,
representing 3.38% of its equity and in addition the Company invested £70,000
in a new 12% Convertible Loan Note issued by Metroelectric in March 2010.

In August 2010, the Company was notified that Worship Street Investments Ltd
("WSI"), the PLUS quoted Investment Company, exercised 800,000 warrants at
1.672p per warrant injecting £13,376 into the Company. WSI now holds 18.92%
share capital of the Company. The Directors feel WSI's further investment in
the Company is a reflection of the growing confidence in the Company and its
revised strategy.

Whilst the company steps up its efforts to implement its new business model, it
has continued to keep its costs to a minimum and all its overheads including
directors fees have been kept as low as possible. This tight control of costs
has resulted in lower administrative costs and contributed to the profit of £
45,979, compared to a loss of £69,698 in 2009. As at 30 November 2010, the cash
balance of the Company was £336 (£109,410 as at 30 November 2009). Subsequent
to this date, the Company has continued to receive income principally from the
interest payable via the 12% Metroelectric Convertible Loan Note.

R Darvill

Chairman

PROFIT AND LOSS FOR PERIOD ENDED 30 NOVEMBER 2010

                                               2009                      2010            
                                                 £                         £            
                                                                              
Turnover                                     100,000                         -
                                                                              
Administrative expenses                      -58,716                   -71,934
                                                                              
                                             ───────                   ───────
                                                                              
Operating profit/(loss)                       41,284                   -71,934
                                                                              
Investment income                             7,100                         - 
                                                                              
Other interest receivable                       437                     2,236 
and similar income                                                            
                                                                              
Interest payable and                          -2,842                        - 
similar charges                                                               
                                                                              
                                             ───────                   ───────
                                                                              
Profit/(loss) on ordinary                     45,979                   -69,698
activities before taxation                                                    
                                                                              
Tax on ordinary activities                        -                         - 
                                                                              
                                             ───────                   ───────
                                                                              
Profit/(loss) for the year                    45,979                   -69,698
                                                                              
                                             ═══════                   ═══════
                                                                              
Earnings per share                                                            
expressed in pence per                                                        
share:                                                                        
                                                                              
Basic and fully diluted                         0.55                     -0.94
profit/(loss) per share                                                       
                                             ═══════                   ═══════

BALANCE SHEET AS AT 30 NOVEMBER 2010

                                   2010                           2009            
                              £               £              £              £      
                                                                               
Fixed assets                                                                   
                                                                               
Investments                               210,589                       34,028 
                                                                               
Current assets                                                                 
                                                                               
Debtors                     1,287                          1,090               
                                                                               
Cash at bank and in           336                        109,410               
hand                                                                           
                                                                               
                           ───────                        ───────              
                                                                               
                            1,623                        110,500               
                                                                               
Creditors: amounts         -13,585                         -7,095              
falling due within                                                             
one year                                                                       
                                                                               
                           ───────                        ───────              
                                                                               
Net current                                -11,962                     103,405 
(liabilities)/                                                                 
assets                                                                         
                                                                               
                                           ───────                      ───────
                                                                               
Total assets less                         198,627                      137,433 
current liabilities                                                            
                                                                               
                                           ═══════                      ═══════
                                                                               
Capital and                                                                    
reserves                                                                       
                                                                               
Called up share                            89,259                       80,159 
capital                                                                        
                                                                               
Share premium                           1,030,553                    1,024,438 
account                                                                        
                                                                               
Profit and loss                           -921,185                     -967,164
account                                                                        
                                                                               
                                           ───────                      ───────
                                                                               
Shareholders' funds                       198,627                      137,433 
                                                                               
                                           ═══════                      ═══════

NOTES

1     Turnover                                                                 
                                                                               
      Turnover relates to other revenue received as a result of a cancellation 
      fee from an investment.                                                  

EXTRACT FROM INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF IN-SOLVE PLC

Emphasis of matter - going concern

In forming our opinion on the financial statements, which is not qualified, we
have considered the adequacy of the disclosures made in note 1 to the financial
statements concerning the company's ability to continue as a going concern. The
ability of the company to continue to trade is dependent on the company being
able to raise sufficient funds. Based upon the current economic climate there
exists a material uncertainty which may cast significant doubt as to whether
the company will be able to generate sufficient funds and therefore the
company's ability to continue as a going concern. The financial statements do
not include the adjustments that would be necessary if the company was unable
to continue as a going concern.

The Directors do not proposed to pay a dividend for the period.

The financial information contained in this announcement has been extracted
from the Company's audited accounts.

The directors of the issuer accept responsibility of this announcement.

                                   --ENDS--                                    

Enquiries:

IN-SOLVE PLC 
Jonathan Bradley-Hoare   Tel: +44 20 7467 1700


RIVINGTON STREET CORPORATE FINANCE 
Eran Zucker              Tel: +44 20 7562 3373
Eran@rs-cf.com