Preliminary Results

Angle PLC
05 July 2007


For immediate release                                                5 July 2007




                                   ANGLE plc

                           ('ANGLE' or the 'Company')

              Preliminary Results for the year ended 30 April 2007



ANGLE plc, the intellectual property and technology commercialisation company,
announces preliminary results for the year ended 30 April 2007.



Operational highlights

• Significant further investment into existing portfolio of
  controlled investments bringing total investment to date to £12.5 million to
  establish, develop and create value in these portfolio companies.  None of 
  this is shown on the balance sheet.

• Exit capability demonstrated through the trade sale of
  Acolyte Biomedica to 3M Corporation, returning an initial £0.9 million and a
  further earn-out of up to £4.7 million, a multiple of up to 8x on ANGLE's
  investment (see Note 8).

• Six other Progeny(R) companies progressed during the year,
  all of which are controlled investments, with their value not on the balance
  sheet.  Operational progress towards exit made in a number of the underlying
  companies, including Aberro, Geomerics, Novocellus and Parsortix, creating
  further unrealised value for shareholders.

Financial performance

• Planned expenditure on controlled investments of £3.1
  million (2006: £2.2 million) and on ventures operating costs of £3.0 million
  (2006: £2.5 million).  Adverse movement on quoted investments of £3.0 million
  (2006: gain of £2.5 million).

• Loss before tax after this expenditure of £9.3 million
  (2006: £2.7 million).

• Cash balance at 30 April 2007 of £2.6 million (2006: £8.2 million).

Key developments post the year end

• Full business review completed.  Plan now in place to
  drive the business into profit during the current financial year.

• Third party investment into Progeny(R) company Geomerics
  resulting in a fair value gain of £4.0 million and a reduction in ongoing
  investment commitments.

• Significant new long-term management contract awarded by
  the Innovation Lincolnshire Outreach Programme, worth £0.9 million over the 
  next 21 months.

• Operating costs reduced by £2.3 million on an annualised basis.

• Cash balances sufficient to deliver revised plan.





Hance Fullerton, Chairman, commented:



'During the year ANGLE made substantial further investment in its portfolio
companies.  As a result, the Progeny(R) portfolio has continued to develop
strongly.  Key milestones have been reached by a number of the underlying
companies.  Through a combination of both our capital investment and supporting
management expertise ANGLE is continuing to generate real underlying value for
its shareholders.



Our primary focus is now on releasing this value for shareholders.  We have
completed a detailed review of the business and a plan has been put in place
which is expected to move ANGLE into profitability in the current financial
year.



The successful execution of this plan has already begun through the completed
sale of Acolyte Biomedica and the third party investment into Geomerics.  The
Management services business is now operating profitably and will benefit from
the recent award of the Lincolnshire management contract.  With the reduced cost
base, the Board looks forward to moving into profitability in the coming year.'



Enquiries:


ANGLE plc                                                           01483 295830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director

Buchanan Communications                                            020 7466 5000
Richard Darby, Suzanne Brocks, James Strong






A presentation for analysts will take place today at 10:00am at the offices of
Buchanan Communications, 45 Moorfields, London, EC2Y 9AE.  Please call Buchanan
Communications for more details.



Notes to Editors

Founded in 1994, ANGLE is an international venture management company focusing
on the commercialisation of technology and the development of technology-based
industry. ANGLE creates, develops and advises technology businesses on its own
behalf and for its clients. ANGLE is listed on AIM (AGL.L); further information
can be found on www.ANGLEplc.com







CHAIRMAN'S STATEMENT



The year to 30 April 2007 was one of significant investment and progress in the
portfolio of Progeny(R) companies.  The maturing portfolio had two exits during
the year, Acolyte Biomedica and Corpora, and investment in one company,
InnoMatica, was ceased as it failed to meet our ongoing Progeny(R) investment
criteria.



Focus



As announced on 1 May 2007, a review of the business has been undertaken with
the objective of delivering profitability.  To achieve this, the primary focus
for the immediate future will be realising value from the existing portfolio of
companies, rather than on the establishment of additional new companies.



The plan set out three areas in which an immediate improvement in profitability
was intended as follows:

• Investment in new Progeny(R) companies to be deferred in order to focus 
  efforts on the existing portfolio.  This will reduce the
  operating loss in respect of direct investments in Progeny(R) companies in the
  current financial year.

• Operating costs and staffing to be substantially reduced.  The priority to be 
  on realising value from the existing portfolio of investments rather than 
  sourcing, evaluating and setting up new companies.

• The fee-for-service business to focus on the profitable Management services 
  business, which has long term contracts already in place, rather than short 
  term consulting work.  This will also result in significant savings in staff 
  costs.

I am pleased to report that strong progress has already been made in each of
these key areas as follows:

• The operating loss in respect of direct investments in Progeny(R) companies is 
  expected to be approximately half that of the previous year.

• Operating costs and staffing have been reduced by £2.3 million on an 
  annualised basis.

• A profit of £4.0 million has been delivered through an initial fair value gain 
  on the Company's holding in Geomerics as a result of the transaction announced 
  today.

• The fee-for-service business is now focused on the Management services 
  business, which is expected to deliver in excess of £0.4 million profit in the 
  year.



Outlook



ANGLE is on track with its plan to deliver ongoing profitability. Following on
from the successful third party investment in Geomerics, we are seeking similar
transactions for other key portfolio companies.  Meanwhile our Management
services business is profitable and opportunities for its development look
favourable.



I intend to retire from the Board of ANGLE at the Annual General Meeting on 20
September 2007.  I will leave the Board in the capable hands of Garth Selvey who
will succeed me as non-executive Chairman. Garth joined ANGLE as a non-executive
Director in September 2006 and has developed a wealth of experience in all
aspects of corporate life including company growth, securing venture capital
investment, attracting new investors, disposals, acquisitions and integration,
as well as being CEO of Comino Group, a fully listed Company on the London Stock
Exchange, prior to its acquisition by Civica plc in 2006.







......................

Hance Fullerton

Chairman

4 July 2007





CHIEF EXECUTIVE'S STATEMENT



During the year, ANGLE has significantly increased its level of investment in
order to expand and develop the controlled investments portfolio. Due to these
investments being made in companies in which we have a majority stake,
accounting standards determine that the expenditure on these investments is
charged to the income statement with no value recognised on the balance sheet.
A profit is reported and the fair value of the investments is recognised on the
balance sheet when the holdings are reduced and the companies are no longer
controlled.



Largely as a result of the above, the loss before tax for the year was £9.3
million.  Some £6.1 million of this loss represents expenditure of £3.1 million
direct investment in the controlled investment portfolio companies and £3.0
million operating costs to establish, develop and create value in Progeny(R)
companies.  The remaining £3.2 million reflects a decrease in fair value of
quoted investments, share based payments, a loss on the consulting and
management business and restructuring costs.  Since the year end, the value of
ANGLE's holding in Provexis has recovered by some £1.2 million.



Progress across the business was generally slower than expected and plans to
complete external funding into two of the controlled investments were delayed.
Profits relating to fair value gains which may arise from these events are now
expected to occur in the new financial year.  One of the year's delayed events,
the securing of external funding for Geomerics, has since been concluded and has
delivered an initial fair value gain of £4.0 million.  Following this external
investment, we retain a 48% holding in Geomerics.



Management services business



Performance in the Consulting division was disappointing during the year.  As a
result, the decision was taken to focus on the profitable Management services
business, which has long term contracts already in place, rather than short term
consulting work.  Since the year end, necessary restructuring has been completed
and the Management services business is now performing profitably and showing
good signs for future growth.



Portfolio summary



Controlled investments are Progeny(R) companies where the Group has control,
typically through owning more than fifty per cent. of the equity.



During the year ANGLE exited two investments and discontinued a third.  The
movement in number of Progeny(R) companies is set out below:


                                                                         Investments
                                             Controlled Non-controlled -
                                               Unquoted         Unquoted         Quoted          Total
Number of Progeny(R) companies

At 1 May 2006                                         7                2              2             11
Exits during the year                                 -              (1)            (1)            (2)
Investments discontinued                            (1)                -              -            (1)
                                                _______          _______        _______        _______
At 30 April 2007                                      6                1              1              8
                                                =======          =======        =======        =======



ANGLE's portfolio currently comprises eight Progeny(R) companies.  With the
exception of NeuroTargets and Provexis, these companies are all controlled
investments being majority owned by ANGLE.  After evaluation costs of £0.2
million, investment in InnoMatica was ceased as it failed to meet our ongoing
Progeny(R) investment criteria. The majority of ANGLE's residual holding in
AIM-listed Corpora plc, acquired as a result of the trade sale of our portfolio
company Exago to Corpora in 2004, was also sold in the second half for £0.3
million.



At the year end, ANGLE had directly invested £5.2 million in its controlled
investments and incurred operating costs to establish, develop and create value
in these Progeny(R) companies during the timeframe of their development of a
further £7.3 million. None of this investment is shown on ANGLE's balance sheet.
The Board believes that this represents significant unrealised value in the
business as is demonstrated by the fair value of £4.0 million attributed to just
one of the six companies, following the Geomerics deal announced today.



Acolyte Biomedica exit



During the second half, ANGLE's Progeny(R) company Acolyte Biomedica was sold to
3M Corporation.  ANGLE's share of the proceeds was an initial £0.9 million in
cash and an earn-out of up to £4.7 million receivable early in 2010.  The
initial payment delivered a 1.3x cash multiple on ANGLE's investment, which will
increase to an 8x cash multiple should the maximum earn-out be achieved.  Only
£1.9 million of this potential £4.7 million is entered on ANGLE's balance sheet.




ANGLE founded and developed Acolyte using its Progeny(R) process.  Key
development work took place prior to ANGLE's own listing and ANGLE did not have
the ability to invest in the company during its development.  As a result, our
equity holding in Acolyte at exit was 11.6%, which is far less than the expected
position with our key portfolio companies established since 2004 where we
currently hold more than 4x as much equity in each company.



Portfolio company status



The status of the portfolio companies, all of which have been founded and
developed by ANGLE, is summarised below:

•  Aberro (65% holding) provides automated software testing products that enable 
   customers to increase the overall reliability of their software while 
   reducing both time to market and development costs.  The company
   expects to make its first significant sales in the second half positioning 
   the company to secure third party funding.  See www.aberrosoftware.com for 
   product details.

• Aguru Images (formerly Kaloptics) (100% holding) is commercialising technology 
  from New York University and the University of Southern California that 
  enables the rapid capture and recreation of photo-realistic surface images. 
  The technology has a wide range of commercial applications in high value 
  industries, including special effects, animation, computer gaming and medical 
  devices.

• Geomerics (56% holding) has developed its radiosity product during the year.  
  This provides rapid computation of light reflection and refraction in computer 
  animation.  The result is greater realism and dramatically improved visual 
  quality of computer games.  A demonstration can be seen on www.geomerics.com.  
  The radiosity product was launched at the Game Developers Conference in San 
  Francisco in March and the company is now in discussions with a range of 
  potential customers, who are focused on the Sony, Microsoft and other major 
  games platforms.  The holding in Geomerics has subsequently reduced to 48% as 
  a result of third party investment.

• NeuroTargets (25% holding) is developing therapeutics for pain and nerve 
  injury in the areas of neuropathic and inflammatory pain.  The company is 
  operating on a low cost basis whilst options for its development are
  evaluated.

• Novocellus (63% holding) has developed a diagnostic technology that enables 
  the selection of the most viable pre-implantation human embryos for use in 
  IVF treatment.  This has the potential to improve the success of IVF rates by 
  at least a third and facilitate the move to routine single embryo transfer, 
  which is an objective of regulatory authorities and subject to considerable 
  press comment at present.  Novocellus is in discussions with a number of 
  potential partners for completion of its clinical trials and launch of
  its product in the market.

• Parsortix (68% holding) is developing its prenatal diagnostic device based on 
  the isolation of foetal cells within maternal blood eliminating the need for 
  invasive procedures such as amniocentesis. Large scale validation of the 
  product is expected by the end of the calendar year and thereafter it is 
  believed that FDA approval can be secured so as to enable product launch by 
  mid 2008.

• Provexis (AIM:PXS) (20% holding) develops scientifically-proven functional and 
  medical foods. During the year Provexis has expanded sales of its heart health 
  drink Sirco(R) to Tesco, Waitrose, Asda and Morrisons supermarkets.  In April 
  it completed a £2.1m fund raising, in which ANGLE invested £0.3 million, and 
  announced a long-term collaboration agreement with Unilever plc to develop a 
  new format of its patented Fruitflow(R) heart-health technology.  See 
  www.provexis.com for more information.

• Synature (55% holding) launched its internet personalisation products during 
  the year.  The first commercial sale of product was made to a leading player 
  in the package holidays market, who are using the product to make holiday 
  recommendations to customers of their web site.  The product is being expanded 
  into the fast growing social networking market, which offers substantial 
  growth at low investment.  See www.synature.com for more information.



The percentage share holdings are based on issued share capital as at 30 April
2007.  The effective percentage share holdings are shown before the effects of
any dilutive share option or warrants or additional holdings from convertible
loans.



The portfolio companies have strong proprietary positions offering the potential
for highly profitable products addressing major markets.  ANGLE is working
closely with the respective management teams that have been put in place in each
Progeny(R) company to manage the investments and minimise any failures.  ANGLE's
investment in the portfolio is being directed to maximise returns from
individual companies and third party investors are being brought into portfolio
companies as appropriate to manage risk and maximise ANGLE shareholder value.



ANGLE's overhead in managing its investments has been streamlined ensuring that
senior management are directly responsible for all portfolio companies.  Costs
have been reduced and performance strengthened.



Outlook



The Management services business has established contracts in place, which are
expected to deliver significant profitability for the year.



We expect strong developments in the Progeny(R) company portfolio during the
year as the existing Progeny(R) companies mature and we are delighted to have
announced one such event today.



Overall, we expect to move ANGLE into profitability during the year even after
continued investment into the portfolio.



Although Hance Fullerton will remain as Chairman until the Annual General
Meeting, I would like to take this opportunity to join the rest of the ANGLE
Board in thanking Hance for all his hard work and dedication to ANGLE over the
years.  Under his stewardship, the Group has developed from a start-up business
to an established leader in IP commercialisation.  Hance has chaired ANGLE
through its flotation on AIM of the London Stock Exchange and his efforts have
been instrumental in providing ANGLE the strong management platform needed to
deliver Progeny(R) companies that address areas of major market need.  We wish
Hance all the best as he plans for a long and enjoyable retirement and sincerely
thank him for his outstanding contribution to ANGLE.





......................

Andrew Newland

Chief Executive

4 July 2007







ANGLE PLC

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2007






                                                  Note                     2007                  2006
                                                                              £                     £

Turnover                                           4                  3,377,354             4,092,867

Change in fair value                               8                (2,036,814)             2,377,772

Operating costs
Consulting and Management                                           (3,769,204)           (3,995,530)
Ventures                                                            (2,994,989)           (2,471,626)
Controlled investments                                              (3,126,480)           (2,217,568)
Share based payments                                                  (414,741)             (381,884)
Restructuring charges                              5                  (540,814)             (203,740)
                                                                      _________             _________
                                                                   (10,846,228)           (9,270,348)

Operating profit / (loss)                                           (9,505,688)           (2,799,709)

Net finance income                                                      196,821               131,969
                                                                      _________             _________
Profit / (loss) before tax                                          (9,308,867)           (2,667,740)
  Loss before controlled investments and tax                        (6,120,766)             (460,946)
  Controlled investments                                            (3,188,101)           (2,206,794)

Tax                                                6                    201,184               142,023
                                                                      _________             _________

Profit / (loss) for the period                                      (9,107,683)           (2,525,717)
                                                                     ==========            ==========
Loss per share                                     7
  Basic and Diluted (pence per share)                                   (33.57)               (14.36)





ANGLE PLC

CONSOLIDATED BALANCE SHEET

AS AT 30 APRIL 2007




                                                      Note                     2007                  2006
                                                                                  £                     £
ASSETS
Non-current assets
Non-controlled investments                              8                         -             1,642,051
Other receivables                                       8                 1,902,724                     -
Property, plant and equipment                                               122,863               147,414
Intangible assets                                                           389,159                 3,575
Total non-current assets                                                  2,414,746             1,793,040
Current assets
Non-controlled investments                              8                 1,812,197             4,868,077
Trade and other receivables                                                 964,293             1,224,658
Cash and cash equivalents                                                 2,551,168             8,234,853
Total current assets                                                      5,327,658            14,327,588
                                                                          _________             _________
Total assets                                                              7,742,404            16,120,628
                                                                         ==========            ==========
EQUITY AND LIABILITIES
Equity
Issued capital                                                            2,713,293             2,713,293
Share premium account                                                    13,701,935            13,701,935
Share based payments reserve                                              1,713,289               918,876
Other reserves                                                            2,553,356             2,553,356
Translation reserve                                                       (193,813)              (73,159)
Retained earnings                                                      (14,420,638)           (5,312,955)
ESOT shares                                                               (370,000)              (20,000)
                                                                          _________             _________
Total equity                                                              5,697,422            14,481,346
                                                                          _________             _________
Liabilities
Non-current liabilities
Obligations under finance leases                                              4,560                27,363
Current liabilities
Trade and other payables                                                  2,022,180             1,592,362
Obligations under finance leases                                             18,242                19,557
Total current liabilities                                                 2,040,422             1,611,919
                                                                          _________             _________
Total liabilities                                                         2,044,982             1,639,282
                                                                          _________             _________
Total equity and liabilities                                              7,742,404            16,120,628
                                                                         ==========            ==========

ANGLE PLC



CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2007




                                                                             2007                  2006
                                                                                £                     £
Operating activities
Operating profit / (loss)                                             (9,505,688)           (2,799,709)
Depreciation of property, plant and equipment                              63,964                49,294
Amortisation of intangible assets                                           4,164                 1,707
(Profit) / loss on disposal of property                                         -                 1,059
Exchange differences                                                    (121,562)              (30,295)
(Increase) / decrease in trade and other receivables                      283,908                 (431)
Increase / (decrease) in trade and other payables                         454,887               855,183
Income tax received                                                       142,506                     -
Change in fair value of non-controlled investments                      2,036,814           (2,377,772)
Share based payments                                                      414,741               381,884
                                                                         ________              ________
Net cash from operating activities                                    (6,226,266)           (3,919,080)

Investing activities
Purchase of property, plant and equipment                                (43,268)              (61,242)
Disposal of property, plant and equipment                                   2,756                     -
Purchase of intangible assets                                            (10,117)                 (820)
Purchase of non-controlled investments                                  (262,500)             (698,018)
Provision of convertible loans                                           (90,780)             (100,000)
Proceeds from sale of investments                                       1,111,673                     -
Purchase of ESOT shares                                                 (350,000)              (20,000)
Net interest received                                                     208,935               136,312
                                                                         ________              ________
Net cash used in investing activities                                     566,699             (743,768)

Financing activities
Net proceeds from issue of share capital                                        -             7,376,972
Capital elements of finance lease contracts                              (24,118)              (14,159)
                                                                         ________              ________
Net cash from financing activities                                       (24,118)             7,362,813

Net increase / (decrease) in cash & cash equivalents                  (5,683,685)             2,699,965

Cash and cash equivalents at start of period                            8,234,853             5,534,888
                                                                         ________              ________
Cash and cash equivalents at end of period                              2,551,168             8,234,853
                                                                        =========             =========



ANGLE PLC



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2007




                                                Share
                                                based
                        Issued       Share   payments     Other  Translation      Retained      ESOT        Total
                       capital     premium    reserve  reserves      reserve      earnings    shares       equity
                             £           £          £         £            £             £         £            £


At 1 May 2005        1,670,648   7,381,864    536,992 2,553,356     (42,990)   (2,787,238)         -    9,312,632
For the year  to 30
April 2006
Consolidated profit                                                 (30,169)   (2,525,717)            (2,555,886)
/ (loss)
Share based                                   381,884                                                     381,884
payments
Issue of share       1,042,645   6,320,071                                                              7,362,716
capital (net)
ESOT shares                                                                                 (20,000)     (20,000)
                      ________    ________   ________  ________     ________      ________  ________     ________

At 30 April 2006     2,713,293  13,701,935    918,876 2,553,356     (73,159)   (5,312,955)  (20,000)   14,481,346
For the year  to 30
April 2007
Consolidated profit                                                (120,654)   (9,107,683)            (9,228,337)
/ (loss)
Share based                                   794,413                                                     794,413
payments
ESOT shares                                                                                (350,000)    (350,000)
                      ________    ________   ________  ________     ________      ________  ________     ________

At 30 April 2007     2,713,293  13,701,935  1,713,289 2,553,356    (193,813)  (14,420,638) (370,000)    5,697,422
                    ==========  ==========  ========= =========    =========     ========= =========    =========



Share based payments reserve

The share based payments reserve account is used for the corresponding entry to
the share based payments charged through a) the income statement for staff
incentive arrangements in the Group and Controlled investments and b) the
balance sheet for acquired intangible assets in the Controlled investments
comprising intellectual property.



Transfers are made from this reserve to retained earnings as the related share
options are exercised, lapse or expire or as a Controlled investment becomes
non-controlled.



Translation reserve

The translation reserve account comprises cumulative exchange differences
arising on consolidation from the translation of the financial statements of
international operations.  Under IFRS this is separated from retained earnings.



ESOT shares

These relate to shares purchased by the ANGLE Employee Share Ownership Trust.





ANGLE PLC



NOTES TO THE PRELIMINARY ANNOUNCEMENT

FOR THE YEAR ENDED 30 APRIL 2007





1             Preliminary announcement

The preliminary announcement set out above does not constitute the Company's
statutory financial statements for the years ended 30 April 2007 or 2006 within
the meaning of section 240 of the Companies Act 1985 but is derived from those
audited financial statements.  The 2007 statutory accounts will be delivered to
the Registrar of Companies following the Company's Annual General Meeting. The
auditors have reported on these accounts and their reports were unqualified and
did not contain statements under s237(2) or (3) of the Companies Act 1985.



2       Compliance with accounting standards

While the financial information included in this preliminary announcement has
been computed in accordance with IFRS, this announcement does not itself contain
sufficient information to comply with IFRS.



At the date of authorisation of these financial statements the following
Standards and Interpretations which have not been applied in these financial
statements were in issue but not yet effective:


IFRS 8           Operating segments
IFRIC 4          Determining whether an Arrangement contains a Lease
IFRIC 5          Rights to Interest Arising from Decommissioning, Restoration and Environmental
                 Rehabilitation Funds
IFRIC 7          Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary
                 Economies
IFRIC 8          Scope of IFRS 2 Share-based Payment
IFRIC 9          Reassessment of Embedded Derivatives
IFRIC 10         Interim Financial Reporting and Impairment.
IFRIC 11         Group Treasury Share Transactions
IFRIC 12         Service Concession Arrangements
IFRIC 13         Customer Loyalty Programmes





The directors anticipate that the adoption of these Standards and
Interpretations in future periods will have no material impact on the financial
statements of the Group when the relevant standards and interpretations come
into effect.



3       Going concern

       The Directors have reviewed the projections for the forthcoming 12 month
period from the date of signing of these financial statements and based on the
level of existing cash, projected income and expenditure, the Directors are
satisfied that the Company and Group have adequate resources to continue in
business for the foreseeable future.  Accordingly the going concern basis has
been used in preparing the financial statements.











4       Turnover

The breakdown of turnover by business segment is set out below:


                                                                  2007                       2006
                                                                     £                          £
Turnover
Consulting and Management                                    3,364,547                  4,022,092
Ventures                                                        11,865                     60,000
Controlled investments                                             942                     10,775
                                                             _________                  _________
                                                             3,377,354                  4,092,867
                                                              ========                   ========



Turnover from Consulting and Management represents fees received from clients
for consulting and management services.  Turnover from Ventures represents fees
received from the non-controlled investments for accounting and other services
provided by the Company until those companies take those activities in-house.
Turnover from controlled investments represents the turnover of those
businesses, which is consolidated prior to the company becoming non-controlled.



5       Restructuring charges

        Restructuring charges relate to the reduction of operating costs and
staffing to focus on the development of the existing portfolio and on the
profitable Management services business, rather than short term consulting work.


6       Tax

The Group is eligible for and takes advantage of the substantial shareholdings
relief UK corporation tax exemption.  This results in the gain from any
disposals of UK investments where the Group has an equity stake greater than
10%, and subject to certain other tests, being free of corporation tax.
Tax is therefore based on the net of profits in the Consulting and Management
businesses as relieved by losses incurred in the establishment and development
of new ventures.



The Company's controlled investments undertake research and development
activities.  In the UK these activities qualify for tax relief and result in tax
credits.



7       Loss per share

        The basic and fully diluted loss per share is calculated on an after tax
loss of £9.11 million (2006: loss £2.53 million).

        The basic and fully diluted loss per share are based on 27,132,931
weighted average ordinary 10p shares (2006: 17,584,521).  Share options are
non-dilutive for the year.

8       Non-controlled investments and Other receivables

       The Group's investment portfolio comprises investments in Progeny(R)
companies.  Progeny(R) Companies are businesses established by ANGLE to
commercialise intellectual property (IP) using ANGLE's proprietary Progeny(R)
process.



       'Controlled investments' are Progeny(R) companies where the Group owns a
controlling equity position.  Under IFRS, these are consolidated and the
relevant costs are charged to the income statement rather than placed on the
balance sheet.





       At the point control no longer exists, a fair value gain arises and the '
non-controlled investment' is held at fair value on the consolidated balance
sheet   In the year to 30 April 2007 costs relating to controlled investments of
£3.1 million (2006: £2.2 million) were charged to the income statement.



       Where the Group does not control a Progeny(R) company (typically owning
less than 50% of the equity), these are defined as non-controlled investments
and held on the balance sheet at fair value, as set out in the table below:


                                                                                          Total
                                 Non-current assets        Current assets        Non-controlled
                                           Unquoted                Quoted           investments
                                                  £                     £                     £

At 1 May 2006                             1,642,051             4,868,077             6,510,128
Investments                                  90,780               262,500               353,280
Disposals                             * (2,733,647)             (280,750)           (3,014,397)
Change in fair value                      1,000,816           (3,037,630)           (2,036,814)
                                        ___________           ___________           ___________
At 30 April 2007                                  -             1,812,197             1,812,197
                                         ==========            ==========            ==========



       Other receivables

       * During the year, ANGLE's Progeny(R) company Acolyte Biomedica was sold
to 3M Corporation.  ANGLE's share of the proceeds for its 11.6% holding was a
total of up to £5.6 million, comprising an initial £0.9 million in cash and an
earn-out of up to £4.7 million receivable early in 2010.  A fair value of £1.9
million of this potential £4.7 million earn-out is held on ANGLE's balance sheet
under 'Other receivables'.



9       Shareholder communications

Copies of this announcement are posted on the Company's website www.ANGLEplc.com
and are available from Buchanan Communications.



The Annual General Meeting of the Company will be held at 2:00 pm on 20
September 2007 at ANGLE's offices, 20 Nugent Road, The Surrey Research Park,
Guildford, GU2 7AF.  Notice of the meeting will be enclosed with the audited
statutory financial statements.



The audited statutory financial statements for the year ended 30 April 2007 are
expected to be distributed to shareholders by 24 August 2007 and will
subsequently be available on the Company's website or from the registered
office, 20 Nugent Road, Surrey Research Park, Guildford, GU2 7AF.



This preliminary announcement was approved by the Board on 4 July 2007.




                      This information is provided by RNS
            The company news service from the London Stock Exchange   D

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