Interim Results

AWG Services PLC
31 July 2003



                                                                    31 July 2003



                        AWG SERVICES PLC ('the Company')

                       Interim Results for the six months ended

                                 30 April, 2003



Chairman's Statement


Results

I am pleased to be able to report the results for six months ended 30 April
2003. In the six months ended 30 April 2003 your Company made an operating loss
before exceptional items of £103,860 (30 April 2002: £133,193) on turnover for
the period of £2,656 (30 April 2002: £32,269). There were no exceptional items
in the result for the period (30 April 2002 results included £524,504 of
exceptional items of which £494,504 related to narrow boat disposals.)



The Directors do not propose the payment of a dividend (2002: £Nil).



Current Trading

The Company has negligible current trading activities.



Strategy

The directors have continued to focus their efforts on identifying a suitable
acquisition, which, given the Company currently has no trading activities, is
likely to be classified under the AIM Rules, as a reverse takeover in view of
its size and will therefore be, subject to shareholder approval.


Stephen Thomson

31 July 2003


AWG Services plc


Balance Sheet
As at 30 April 2003
                                                      As at 30 April     As at 30 April    As at 31 October
                                                                2003               2002      2002 (audited)

                                                         (unaudited)        (unaudited)
                                                                   £                  £                   £


Fixed assets                                                 128,237          2,139,901             128,292


Stock                                                         73,611             18,000              97,506
Debtors                                                        9,890            449,129              18,632
Cash at bank and in hand                                   1,326,827             87,571           1,415,484

                                                           1,410,328            554,700           1,531,622

Creditors falling due within one year                      (145,499)          (818,526)           (156,933)

Net current assets (liabilities)                           1,264,829          (263,826)           1,374,689

Total assets less current liabilities                      1,393,066          1,876,075           1,502,981

Creditors falling due after more than one year              (19,567)          (300,295)            (25,622)

Net assets                                                 1,373,499          1,575,780           1,477,359



Capital and reserves

Called up share capital                                    1,622,718          1,622,718           1,622,718
Share premium account                                      2,778,007          2,778,007           2,778,007
Capital redemption reserve                                   164,667            164,667             164,667
Profit and loss account                                  (3,824,193)        (3,621,912)         (3,720,333)
Capital reserve                                              632,300            632,300             632,300

Equity shareholders' funds                                 1,373,499          1,575,780           1,477,359




Notes to the Interim Results



1  The Group results have been prepared in accordance with the
accounting polices stated in the 2002 annual report.

2  The calculation of loss per share is based upon the weighted average
number of shares in issue during the period of 162,271,750 (April 2003 -
162,271,750).

3  The results for the periods to 30 April 2003 and 30 April 2002 are
unaudited and do not constitute statutory accounts in accordance with section
240 of the Companies Act 1985.  The comparative figures for the year ended 31
October 2002 are an abbreviated version of the full accounts which have been
reported on without qualification by the auditors and have been filed with the
Registrar of Companies.

4  No dividend is proposed for the period ended 30 April 2003.

5  Copies of the interim results will be available to members of the
public from the Company's registered office.


AWG Services plc



Profit and loss account
For the six months ended 30 April 2003
                                                    Six months ended   Six months ended Twelve months ended
                                                       30 April 2003      30 April 2002     31 October 2002
                                                                                                  (audited)
                                                         (unaudited)        (unaudited)
                                                                   £                  £                   £


Turnover                                                       2,656             32,269              76,419

Cost of sales                                                (3,558)           (69,489)            (84,716)


Gross loss                                                     (902)           (37,220)             (8,297)

Operating expenses                                         (126,712)           (95,973)           (235,785)

Operating loss                                             (127,614)          (133,193)           (244,082)

Loss on disposal of discontinued operations                        -                  -           (504,249)
Post cessation costs relating to previously
discontinued activity                                              -           (30,000)                   -
                                                                  
Provision for loss on operations to be
discontinued                                                       -          (494,504)                   -
                                                                   


Loss on ordinary activities before interest                (127,614)          (657,697)           (748,331)
Interest receivable/(payable)                                 23,754           (24,997)            (32,784)

Loss on ordinary activities before taxation                (103,860)          (682,694)           (781,115)

Taxation                                                           -             42,000              42,000



Retained (loss)/profit for the period                      (103,860)          (640,694)           (739,115)


Basic loss per share (in pence)                               (0.1p)             (0.4p)              (0.5p)





INDEPENDENT REVIEW REPORT TO AWG SERVICES PLC

INTRODUCTION


We have been instructed by the company to review the financial information for
the six months ended 30 April 2003 which comprises a summarised balance sheet
and profit and loss account.  We have read the other information contained in
the interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.


Directors' responsibilities


The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors.  The Listing
Rules of the United Kingdom Listing Authority, with which the directors have
chosen to comply in preparing this interim statement, require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.


Review work performed


We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board.  A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and based thereon, assessing
whether the accounting policies and presentation have been consistently applied
unless otherwise disclosed.  A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions.  It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.



Review conclusion



On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 April 2003.



Hazlewoods
Chartered Accountants  31 July 2003

                   





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