Interim Results - 6 Months to 30 November 1999

Ninth Floor (The) PLC
13 March 2000


                   THE NINTH FLOOR PLC
                            
         CHAIRMAN'S STATEMENT - INTERIM RESULTS
                            
        FOR THE SIX MONTHS ENDED 30 NOVEMBER 1999
                            

Introduction

I  am  pleased  to present my report for the  six  months
ended  30  November 1999.  Subsequent to this  period  we
completed  the  sale of our principal subsidiary,  Silver
Shield  Screens  Limited  to  Kwik-Fit  and  consequently
changed the Group name to The Ninth Floor plc.

Results and Dividends

Total  operating loss for the period was  £612,650  (1998
£839,210)  on total Turnover of £6.3 million  (1998  £5.0
million).    Operating  loss  on  continuing   operations
(excluding  Silver  Shield Screens)  was  £896,745  (1998
£883,615).

No dividend is recommended.

Trading Review

Continuing Operations
Operating  Losses  at Swansea City AFC were  about  level
with  last  year  at  £567,603 albeit Turnover  showed  a
significant  increase  from  £856,000  to  £978,000.   We
enjoyed  record season ticket sales at the  beginning  of
the  season  and in the last three months  the  club  has
challenged consistently for promotion, and at the time of
writing is currently lying second in its division.

Good progress is also being made with the development  of
a  new  stadium at Morfa and it is expected that  a  lead
developer will be announced for the scheme before the end
of March.  We are now working with Swansea rugby club and
Swansea Council on our plans for the stadium.

Discontinued Operations
Operating  profits  for the first six  months  at  Silver
Shield Screens were £408,516, substantially ahead of  the
£199,039  recorded for the equivalent period  last  year.
This   was  largely  the  result  of  increased  business
accruing  from the Lloyds Motor Underwriters  Association
contract  won  last year.  However at the same  time  the
company  did experience significant downward pressure  on
prices especially from large insurance company customers.

Because  of  substantial  changes  taking  place  in  the
roadside  service industry with the AA, RAC,  Green  Flag
and  both  our  major  competitors undergoing  change  of
ownership  in the last 12 months it was decided  to  exit
this business, resulting in a sale to Kwik-Fit in January
2000.

Future Strategy

In  the  past  we  have  sought to acquire  interests  in
businesses  where  we believe we can improve  performance
through  the introduction of more focused management  and
the  investment of additional capital.  In  the  case  of
Silver   Shield  Screens  this  produced  a   significant
improvement  in trading performance which was  eventually
reflected  in the price paid by Kwik-Fit to  acquire  the
business.   With  regard to Swansea City AFC,  I  believe
that  the benefits of this approach will be seen when  we
come  to float the company later in the year, details  of
which will be found below.

We  consider  it appropriate that we should now  turn  to
faster  growing  developing marketplaces.   We  have  now
identified  the  area of technology-based  solutions  for
building and property management and maintenance as being
of  immediate interest.  With the current UK  market  for
electronic  security estimated at £1.4  billion,  we  are
interested in developing a family of businesses that  can
offer  building  owners, managers  and  operators,  high-
technology   solutions   to  issues   of   security   and
maintenance.

The  internet together with the development  of  wireless
based  applications  is  seen  to  be  a  major  area  of
development  for  the future and we  intend  to  build  a
leading presence in this marketplace.

Acquisition

I am pleased to report, as the first step in implementing
our  strategy,  the conditional acquisition  of  Farsight
Surveillance Technologies Limited together with a 60  per
cent  interest in its affiliated company, IO MM  Software
Limited.

The  total consideration for the acquisition of  100  per
cent  of  Farsight and the 60 per cent of IO MM  Software
Limited  is approximately £5.65 million of which £650,000
is  payable in cash on completion and £5 million is to be
satisfied  by the issue of 6,200,000 ordinary  shares  of
Ninth  Floor  plc, to be issued credited as  fully  paid.
The  vendors  have  undertaken not  to  sell  any  shares
received  as  consideration for a minimum period  of  six
months.

The  acquisition is conditional, inter alia, on  100  per
cent  acceptances by Farsight shareholders (over  90  per
cent  having  accepted  to date)  and  the  admission  to
listing of the shares to be issued by Ninth Floor plc  as
consideration.

Farsight, founded in Peterborough in 1996, is one of  the
UK's leading and fastest growing companies in the area of
technology   security  consultancy   and   remote   video
monitoring.   Together with its software development  arm
IO  MM  it  has  built  a reputation  for  designing  and
maintaining high specification, digital remote monitoring
systems  for  a  wide  range of  clients  including  ICL,
PowerGen, CAP Gemini, Mitac Computers Europe and NEC.

More  recently  the  company has  been  focusing  on  the
development  of  a  lower  cost  internet  based   remote
surveillance  and monitoring product under  the  name  E-
surveillance.  It is expected that this will be  launched
within the next three months.

In the year ended 30 June 1999 Farsight recorded a profit
of £11,600 on Turnover of £445,000.  Audited accounts for
the  six  months  ended 31 December 1999 show  a  pre-tax
profit  of £13,900 on Turnover of £377,000.  The  balance
sheet  at  31  December indicated  a  net  deficiency  of
£140,000.

Flotation of Swansea City AFC

As previously announced we have decided to arrange for  a
separate flotation for Swansea City Football Club.  Plans
are  now well advanced and I would anticipate a flotation
on   the   AIM  market  to  raise  new  money  for   club
development,  before the end of May 2000.   This  company
will  also  include all rights and interests in  the  new
Morfa Stadium project.

Board Appointments and Resignations

Given  the  fundamental  change  in  the  nature  of  our
activities as detailed above, I believe it is appropriate
to review the composition of our board of directors.

Board Appointments

I  believe it is now appropriate that I should split  the
role  of Chairman and Chief Executive, which I have  held
since our original flotation.  Consequently I will revert
to the role of full time Chief Executive.

I  am delighted to report the appointment of Alan Wix  as
our   new  executive  Chairman.   Alan  brings  with  him
extensive  experience in the area of  IT.   Until  August
1998,  Alan was Managing Director of Core IT Services  at
Lloyds  Bank TSB and subsequently he has founded his  own
consultancy  business which is heavily  involved  in  the
planning  and implementation of internet banking systems.
Since  April  1999,  Alan has served  as  a  Director  of
Answerthink Consulting Group based in Miami.  Answerthink
shares  are quoted on Nasdaq and it is a leading provider
of E-Business solutions to a wide range of large national
and multinational clients.

Andy  Bromley,  the  founder  and  Managing  Director  of
Farsight  Surveillance will join the board on  completion
of the acquisition.

Carol  Booth will join the board as Commercial  Director.
Carol joined the Group at the time of our acquisition  of
Silver  Shield  Screens where she  was  General  Manager.
Subsequently she has worked in our head office as Project
Manager and Assistant Company Secretary for the last  two
years.   Carol  will also become Company  Secretary  upon
Ronnie Hamill's resignation at 31 May 2000.

Board Resignations

Keith  Walker,  the Managing Director  of  Silver  Shield
Screens left the board of directors on 14th January  2000
on completion of the sale of that business.

Ronnie Hamill, Group Finance Director, has resigned  with
effect   from  31  May  2000  to  pursue  other  business
interests.

Alan  Montgomery,  who  has  served  as  a  non-executive
director since our original flotation in March 1996  will
also leave the board on 31 May 2000.

I  would thank all three directors for their contribution
in the past and would wish them well for the future.

Announcements   will  be  made  shortly  concerning   the
appointment of a new Group Finance Director and a new Non-
Executive Director.

The Future

With  the  sale  of  Silver Shield Screens,  the  planned
flotation  of Swansea City AFC, the identification  of  a
new strategic direction together with the acquisition  of
Farsight   Surveillance  and  the  appointment   of   new
directors the transformation of the Company is complete.

We   intend  to  invest  substantial  funds  in  Farsight
Surveillance and IO MM Software Limited in coming  months
both  to  upgrade existing monitoring facilities  and  to
provide  new  facilities for the soon to be  launched  E-
Surveillance product.

Further development is required to bring this product  to
market  but  on  the  basis of working  prototypes  I  am
convinced   that  this  will  provide  retailers,   small
businesses and home owners with a reliable cost effective
solution to their security monitoring problems.

We  are  now  actively  considering  a  number  of  other
acquisitions that will fit alongside Farsight so that  we
can  quickly  achieve our ambition of being  the  leading
provider of high- technology based solutions for property
owners, managers and operators.


THE NINTH FLOOR
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 NOVEMBER 1999

                                     Unaudited       Unaudited      Audited
                                 six months to   six months to      year to
                                   30 November     30 November       31 May
                                          1999            1998         1999
                                             £               £            £

Total billings                      10,297,424       9,170,277   19,325,059
                                 _____________   _____________   __________
Turnover
Continuing operations                  978,881         856,281    2,042,532
Discontinued operations              5,342,722       4,192,118    9,156,815
                                 -------------    ------------   ----------
Total Turnover                       6,321,603       5,048,399   11,199,347
Cost of sales                       (2,529,706)     (1,998,638)  (4,413,278)
                                 -------------    ------------   ----------
Gross Profit                         3,791,897       3,049,761    6,786,069
Net operating expenses              (4,205,111)     (3,815,939)  (7,892,184)
Exceptional net operating expenses     (75,015)              -     (125,364)
                                   -----------    ------------   ----------
Total net operating expenses        (4,280,126)     (3,815,939)  (8,017,548)

                                   ----------------------------------------
Continuing operations                 (896,745)       (965,217)  (1,743,579)
Discontinued operations                408,516         199,039      512,096
                                   ----------------------------------------

Total operating loss                  (488,229)       (766,178)  (1,231,479)

Interest payable and similar charges  (124,421)        (73,873)    (203,172)
Interest receivable                          -             841        3,885
                                   -----------    ------------   ----------
Loss on ordinary activities
before taxation                       (612,650)       (839,210)  (1,430,766)
Taxation                                     -               -            -
                                   -----------    ------------   ----------
Loss on ordinary activities 
after taxation                        (612,650)       (839,210)  (1,430,766)
Minority interests                           -               -            -
                                   -----------    ------------   ----------
Loss for the financial year           (612,650)       (839,210)  (1,430,766)

Loss per share (pence)
 - Basic EPS                            (0.14p)         (0.22p)      (0.36p)
 - Diluted EPS                          (0.14p)         (0.22p)      (0.36p)



THE NINTH FLOOR
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 1999

                                     Unaudited       Unaudited      Audited
                                         as at           as at        as at
                                   30 November     30 November       31 May
                                          1999            1998         1999
                                             £               £            £
FIXED ASSETS
Intangible assets                    1,003,810         964,314    1,009,703
Tangible assets                      1,970,777       1,888,230    1,964,510
                                    ----------      ----------   ----------
                                     2,974,587       2,852,544    2,974,213
                                    ----------      ----------   ----------
CURRENT ASSETS
Stocks                                 389,497         342,753      366,907
Debtors                              3,695,710       2,799,786    3,642,808
Cash at bank and in hand                29,153               -      129,607   
                                    ----------      ----------   ----------
                                     4,114,360       3,142,539    4,139,322

CREDITORS: Amounts falling due
within one year                     (6,675,373)     (4,971,436)  (6,079,817)
                                    ----------      ----------   ----------
NET CURRENT LIABILITIES             (2,561,013)     (1,828,897)  (1,940,495)
                                    ----------      ----------   ----------
TOTAL ASSETS LESS CURRENT 
LIABILITIES                            413,574       1,023,647    1,033,718

CREDITORS:Amounts falling due
after more than one year              (173,196)        (81,347)    (170,857)
Accruals and deferred income          (737,404)       (757,068)    (747,237)
                                    ----------      ----------   ----------
NET (LIABILITIES)/ASSETS              (497,026)        185,232      115,624
                                    __________      __________   __________

CAPITAL AND RESERVES
Share capital                        4,263,762       3,963,762    4,263,762
Share premium account                2,597,494       2,607,244    2,597,494
Profit and loss account             (7,358,282)     (6,385,774)  (6,745,632)
                                    ----------      ----------   ----------
Equity shareholders' 
(deficit)/funds                       (497,026)        185,232      115,624
Minority interests                           -               -            -
                                    ----------      ----------   ----------
                                      (497,026)        185,232      115,624
                                    __________      __________   __________


Notes on the interim report


Basis of preparation

The  interim  accounts  were approved  by  the  Board  of
Directors  on 10 March 2000, and are neither audited  nor
reviewed  by  the  auditors. They do not  constitute  the
statutory  accounts, but have been prepared on the  basis
of  the  accounting policies set out in the annual report
for the year ended 31 May 1999. Information in respect of
the  year  ended 31 May 1999 is derived from the  group's
statutory accounts for the year which have been delivered
to  the  Registrar of Companies. The auditor's report  on
those  accounts was unqualified and did not  contain  any
statement  under  sections  237(2)  and  237(3)  of   the
Companies Acts 1985.

Loss per ordinary share

The  calculation of basic loss per share is  based  on  a
loss  of  £612,650  (November 1998: £839,210;  May  1999:
£1,430,766  and a weighted average number  of  shares  of
426,376,190.    (Nov   1998:   379,821,826;   May   1999:
393,083,365).

For  diluted loss per share, the weighted average  number
of  shares  in issue is adjusted to assume conversion  of
all dilutive potential ordinary shares. During the period
ended  30  November  1999  the company  had  no  dilutive
potential ordinary shares on account of the share options
granted carrying performance criteria relating to  future
periods.


Copies   of  this  statement  are  being  sent   to   all
shareholders of the company and are also available at the
Company's Registered Office.