Interim Results

Netcentric Systems PLC
29 June 2001


NETCENTRIC SYSTEMS PLC
29 JUNE 2001

             NETCENTRIC SYSTEMS PLC ('Netcentric' or 'the Group')

         INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 MARCH 2001

Netcentric is a provider of web content management tools and information
management solutions


CHAIRMAN'S STATEMENT

The Group today reports a loss before tax of £3,237,000 (2000: £929,000) for
the period under review.  The loss includes exceptional operating charges of 
£363,000 (2000: £nil) relating to property revaluations, losses on property
disposals and non-operating charges of £70,000 (2000: £310,000), arising from
the disposal of Manx Crawley Limited, a property company.

The Group's operating loss arises from its continuing investment in the
development of its principal web content management product, Lychee and the
establishment of its UK & European Sales and Marketing infrastructure.

The property disposal programme continues, and for the period under review,
provided net cash proceeds of £61,397 for the web content management business
with further disposals having been made since the period end. The majority of
the property portfolio is now under offer and on completion of the property
disposal programme, the Group estimates that net cash proceeds of £2,850,000
will be available to provide further working capital.


BUSINESS REVIEW


Netcentric continues to develop its position in the rapidly expanding Content
Management System market, which Gartner Group believes will grow worldwide
from US$400m in 2000 to US£2.5bn in 2002.  Testimony to this, Netcentric has
won recent UK contacts with Baring Private Equity Partners, Lloyds TSB and BT
Cellnet.  The Group has also formed strategic marketing alliances with Sun,
IBM, Oracle and Dell and following recent exhibitions at CEBIT, Europe's
largest technology show and Internet World in London, is in talks with a large
number of prospective partners.


PRODUCT UPDATES


Netcentric recently announced two new editions of its flagship Lychee Web
Content Management System. Lychee Professional EditionTM is aimed at small
enterprises, providing all of the features required to effectively manage
content for a small business, at a very competitive price. Lychee Enterprise
EditionTM is a feature rich, fully scalable, enterprise-class content
management system able to support a significant number of users and is aimed
at large corporates and other organisations.  It offers a wealth of powerful
features whilst at the same time being very competitively priced.  In order to
deliver this technically advanced offering, the development time of Lychee
Enterprise has been extended with its commercial release now planned for
September 2001.


STRENGTHENED MANAGEMENT


In April, Netcentric strengthened its management team with the appointment of
Phillip Campbell as European Sales Director.  He is tasked with the
development of  the UK & European sales partnership programs. Additionally, a
Solutions division was established to provide a centre of excellence for
Content Management Implementations focused on Lychee and complementary
technologies.  This division provides a source of expert consultants, who
advise customers and partners on best practice in implementing Lychee based
information management solutions.


OUTLOOK


The accounts have been prepared on the going concern basis as explained in
note 2 to the accounts. The validity of this is dependent on the ability of
the company to raise sufficient working capital from the sale of investment
properties, cash flows from operations and through the raising of additional
funds by the end of September 2001 through a placing and open offer or by
other appropriate means.

During the six months, turnover in the web content management business reflect
sales mainly through the Company's Solutions division, with typically
characteristic lengthy sales cycles.  As mentioned, the commercial release of
Lychee Enterprise is planned for September 2001 and as a consequence it is
appropriate to adopt a cautious approach to the prospects for the business for
the remainder of the financial year.

The Directors continue to receive encouraging feedback from the market and
with sales from our newly established partnership programs expected to form a
substantial proportion of future revenues, the Directors are confident of
progress in the next financial year.


Robert Williams
Chairman

29 June 2001


Enquiries:
Jane Garrett, CEO, Netcentric                   01223 839800
Gerry Thompson, COO, Netcentric                 01223 839800
Shane Dolan, Biddicks                           020 7448 1000


CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months to 31 March 2001


                                         Unaudited                      Audited
                                  Period ended     Period ended   Year ended  30
                                 31 March 2001    31 March 2000   September 2000
                                         £'000            £'000            £'000
Turnover

Continuing operations                     466             407              865
Discontinued operations                     -           1,836            1,840
                                     ---------       ---------    -------------
Total turnover                            466           2,243            2,705
                                     ---------       ---------    -------------

Operating loss

Continuing operations                  (2,665)           (354)          (1,337)
Discontinued operations                      -            (62)              42
                                     ---------       ---------    -------------
                                       (2,665)           (416)          (1,295)

Exceptional operating costs              (363)              -           (1,657)
                                     ---------       ---------    -------------
Total operating loss                   (3,028)           (416)          (2,952)



Loss on disposals of                      (70)               -            (661)
subsidiaries
(Loss)/Profit on disposal of                 -           (310)               35
businesses
                                     ---------       ---------    -------------
Loss on ordinary activities            (3,098)           (726)          (3,578)
before interest
Interest income                             66              4               35
Interest payable and similar             (205)           (207)            (617)
charges
                                     ---------       ---------    -------------
Loss on ordinary activities            (3,237)           (929)          (4,160)
before taxation
Taxation                                     -             (3)             (25)
                                     ---------       ---------    -------------
Loss for the period                    (3,237)           (932)          (4,185)
Dividend                                    -               -                 -
                                     ---------       ---------    -------------
Retained Loss for the period           (3,237)           (932)          (4,185)
                                     ---------       ---------    -------------
Statement of total recognised
gains and losses
Loss for the financial period          (3,237)           (932)          (4,185)
Unrealised loss on                       (364)               -                -
revaluation of investment
property
                                     ---------       ---------    -------------
Total recognised losses                (3,601)           (932)          (4,185)
relating to the period
                                     ---------       ---------    -------------

loss per share - basic                 (1.27p)         (0.98p)          (3.25p)
                                     =========       =========    =============
               - diluted               (1.27p)          (1.0p)          (3.24p)
                                     =========       =========    =============


CONSOLIDATED BALANCE SHEETS

For the six months ended 31 March 2001


                                            Unaudited                   Audited
                                     As at  31       As at  31        As at  30
                                     March 2001      March 2000  September 2000
                                          £'000           £'000           £'000
Fixed assets

Intangible assets                         4,602               -           5,133
Tangible assets                           4,470         10,015            8,102
Investments                                 150            541                -
                                      ---------       ---------       ---------
                                          9,222         10,556           13,235
                                      ---------       ---------       ---------

Current assets

Cash at bank                              1,029            179            3,662
Debtors: amounts falling due                518            221              483
within one year
Debtors: amounts falling due                150              -                -
after one year
                                      ---------       ---------       ---------
                                          1,697            400            4,145

Creditors: amounts falling due            1,204          1,461            1,742
within one year
                                      ---------       ---------       ---------
Net current assets/( liabilities)           493         (1,061)           2,403
                                      ---------       ---------       ---------

Total assets less current                 9,715          9,495           15,638
liabilities


Creditors: amounts falling due            1,626          3,943            3,947
after more than one year
                                      ---------       ---------       ---------
                                          8,089          5,552           11,691
                                      =========       =========       =========
Capital and reserves
Called-up share capital                  12,737          4,762           12,737
Reserves                                (4,648)            790          (1,046)
                                      ---------       ---------       ---------
Equity shareholders' funds               8,089           5,552           11,691
                                      =========       =========       =========

Netcentric Systems Plc

Notes to Interim Accounts


1.    The interim financial statements have been prepared on the basis of the   
      accounting policies as set out in the Statutory Financial Statement for   
      the year ended 30 September 2000.

2.    The accounts have been prepared on the going concern basis and the        
      validity of this is dependent on the ability of the company to raise
      sufficient funds to meet its working capital requirements.  The directors 
      have considered the adequacy of the working capital for the period ended  
      12 months from the date of approval of these financial statements and have
      concluded that it is appropriate for the financial statements to be       
      prepared on the going concern basis provided that by the end of September 
      2001 sufficient working capital is raised from the sale of investment     
      properties, cash flows from operations and through the raising of         
      additional funds through a placing and open offer.

      If the group were unable to continue in operational existence, adjustments
      would have to be made to reduce the balance sheet value of assets to their
      realisable values and to provide for further liabilities, which may arise.

3.    There are no recognised gains and losses for the period other than those  
      included in the results for the period.

4.    The exceptional charge for the period arises as a result of the loss on   
      disposal of Manx Crawley Limited.  Exceptional operating costs arise from 
      group property revaluations, losses on disposal of individual properties  
      and goodwill amortised.

5.    Earnings per share have been calculated on the weighted number of ordinary
      shares in issue for the period of  254,743,956 (31 March 2000: 95,244,606,
      30 September 2000: 128,686,702).

6.    Copies of this report are being sent to all shareholders. Further copies  
      are available from the Company's registered office in the Isle of Man and 
      from Lower Court 1, Copley Hill Farm, Cambridge Road, Babraham, Cambridge,
      CB2 4AF.

7.    Segmental analysis by class of business


                 For the six months ending 31 March    For the Year Ending 30
                                2001                       September 2000
                               Profit/(loss)                     Profit/
                                      before                      (loss)
                                      taxation   Net                        Net
                                              assets              before assets
                Turnover                             Turnover   taxation

                   £'000              £'000    £'000    £'000      £'000  £'000

Distribution           -                   -       -    1,840         42      -
Investment
properties           380               (799)   2,055      824    (1,415)  3,218
IT Solutions          86             (2,438)   6,034       41      (362)  8,473
Common costs           -                   -       -        -    (2,425)      -
                --------       -------------  ------ -------- ---------- ------
                     466             (3,237)   8,089    2,705    (4,160) 11,691
                ========       =============  ====== ======== ========== ======

Independent review report to Netcentric Systems Plc
Introduction

We have been instructed, by the company to review the financial information
set out above comprising the profit and loss account, balance sheet and
related notes and 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.

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.

Fundamental uncertainty - going concern

In carrying out our review, we have considered the adequacy of the disclosures
made in the interim report concerning the basis of preparation. The interim
financial information has been prepared on the going concern basis and the
validity of this depends on the ability of Netcentric Systems plc and its
subsidiaries ('the Group') to raise sufficient funds to meet its working
capital requirements through the sale of its investment properties, cash flows
from operations and through the raising of additional funds through a placing
and open offer by the end of September 2001. The interim financial information
does not include any adjustments that would result should the Group be unable
to continue in operational existence. Details of the circumstances relating to
this fundamental uncertainty are described in note 2. Our review report is not
qualified in this respect.

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 31 March 2001.

PricewaterhouseCoopers LP
Chartered Accountants
Sixty Circular Road
Douglas
Isle of Man
29 June 2001