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West 175 Media Grp (WEP)

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Monday 24 July, 2000

West 175 Media Grp

Final Results

West 175 Media Group Inc
24 July 2000

                                                             

                          WEST 175 MEDIA GROUP, INC.
                Final results for the year ended 31 March 2000
    Turnover up 400%; Gross Profit up 850%; Business Development Continues;
                               Confident Outlook

West  175 Media Group, Inc. ('West 175' or 'the Company'), the lifestyle media
group listed on AIM, announces Final Results for the year ended 31 March 2000.

Turnover  for  the  financial year was US$6.1m: a  proportionate  increase  of
approximately 400% compared to US$1.5m for the previous 15 month period to  31
March  1999.   Gross  Profit  for  the  financial  year  rose  to  US$2.7m:  a
proportionate increase of around 850% against the previous 15 months period of
US$350,076.


Commenting on the Results, Rohan Courtney, Chairman, said:

'The substantial increase in turnover is particularly pleasing.  It represents
gains in sponsorship ($1.8m, including $0.3m from a new sponsor, wine.com,
against nil for the previous period), further growth in the New Zealand
operations ($1.1m against $0.3m) and the development of a live event
management subsidiary ($2.6m against nil).  The building of the business
continues apace.'

A new accounting policy was introduced this year with respect to the valuation
of  programme  production  costs.  By  industry  standards  it  is  considered
conservative. Programming and development costs are charged to the profit  and
loss  account in the period in which they are incurred, except to  the  extent
that  recoverability of these costs are related to income  contractually  due.
This has required a restatement of prior years, resulting in an increased loss
this year. Operating loss before programming and development costs was US$3.4m
against US$2.5m (restated) for the previous 15 month period. Retained loss for
the  year  was  US$5.2m (or $0.73 loss per share) against  US$3.3m  (restated)
($0.62m) for the 15 month period to 31 March 1999.

There is no dividend payment.

Highlights
* Name changed to West 175 Media Group, Inc.
* Purchase of remaining 40% of West Media Events Limited
* 5% stake acquired in The Natural Health Channel, a start-up UK
  terrestrial TV station
* Early conversion of all outstanding convertible loan stocks of
  £1.65m ($2.6m) to 3m new shares June 2000
* Change of Stockbroker to Altium Capital Limited
* Two institutional share placings raise £3.1m
* Successful launch of MasterChef USA, hosted by celebrity chef Gary
  Rhodes
* US TV Launches of 2nd series GREAT FOOD show, a Joint Venture with
  BBC; 4th series of Chefs
  of Cucina Amore
* US TV Launch of The World of Wildlife series in the US
* Successful US launch last Autumn of first live celebrity cookery
  event in the US
* Purchase of 60% of Actrix Networks, a profitable New Zealand ISP,
  and world's 5th oldest ISP
* Radio and TV station acquisitions in New Zealand
* Management team strengthened; Sir David Frost and Jeff Green join
  Board as Non-Executive Directors


Regarding Prospects, Mr. Courtney said:

'We  have  virtually  completed the formation of an  integrated  international
media  group  with a strong production base in the US, a regional  television,
radio  and  Internet  group in New Zealand and a live events,  publishing  and
merchandising  capability  in the US and Europe.   To  facilitate  any  future
potential  additional listing on NASDAQ, we propose to change our domicile  to
Delaware  from  California at the AGM.  We look forward  to  the  future  with
considerable confidence.'


For further information contact:

Rohan Courtney, Chairman        West 175 Media Group Inc.        020 8398 7175
Peter Binns                     Binns & Co. PR Ltd.              020 7786 9600
  



CHAIRMAN'S STATEMENT

West  175  Media  Group Inc. has made significant progress in all  areas  this
year.  Our goal of becoming a world player in lifestyle entertainment is  well
on  target  following the most active period of corporate development  in  its
history.


Highlights

The  company changed its name to West 175 Media Group Inc. at the last  Annual
General  Meeting to better reflect our activities and our strategy of creating
an  integrated international new and traditional media business,  providing  a
range  of  services  in  the United States, United  Kingdom,  Europe  and  New
Zealand.

There have been a number of corporate developments in the US, New Zealand  and
the UK.

In  the US, we successfully launched our first live celebrity event, which was
held  in  Minneapolis/St.  Paul  last Autumn.   Further  events  are  planned,
designed to extend our reach to a bigger audience across America.

The  launch  of  Master  Chef USA, hosted by Gary Rhodes,  across  the  Public
Broadcasting Stations in America received high acclaim and high ratings.  This
show,  which has already attracted the interest of broadcasters in other parts
of  the  world, is, we believe, destined to become one of the most  successful
cookery competition shows.  Also launched was a new series of GREAT FOOD,  the
flagship show of our 50:50 joint venture with the BBC and a further series  of
Cucina Amore, now called THE CHEFS OF CUCINA AMORE.  We were also delighted to
launch The World of Wildlife series, made by Sunset & Vine, where we have  the
US distribution rights.

In  New  Zealand, we purchased 60% of Actrix Networks, the oldest New  Zealand
ISP  (and the fifth oldest in the world).  This profitable company is an ideal
fit for West 175 adding the dimension of Internet capability to our network of
television  and  radio  stations  in New  Zealand  and  helping  to  sell  our
merchandising, programmes, sponsorship and books to a wider audience.

On  10  July 2000 we announced the launch of a new talk radio station  in  New
Zealand called 'Canterbury on Air' and purchased a television frequency  north
of Wellington, New Zealand.

In  the  UK, we purchased a 5% stake in the Natural Health Channel as part  of
our  move  into  new  lifestyle subjects.  Natural Health  is  of  significant
importance in all the markets in which we operate.

We were also pleased to purchase the remaining 40% of our live events company,
West  Media Events, which has proved to be such a good addition to our stable,
both in product capability and management.


Fund Raisings and New Stockbroker

A  further  £3.1 million was raised from UK institutions during  the  year  to
finance  our acquisition programme.  Nine institutions, introduced by our  new
Nominated Broker, Altium Capital, represent 23% of the shareholder base, which
has increased in number to over 1,200.

A  stock  option  plan  was  introduced during the  year,  which  is  entirely
incentive based and extends to all 200 employees of the group.


Board Changes and Management

During the year Don Simcock, a non-executive Director left the Board to return
to  legal  practice  in New Zealand.  We were delighted to welcome  Sir  David
Frost  OBE and Jeff Green as Non-Executive Directors.  Both bring a wealth  of
expertise to our Board, which is now comprised of three Executive and four
Non-Executive  Directors with two based in New Zealand, one in the  United 
States and  four  in  the United Kingdom.  The make up of the Board brings  not
only regional  knowledge but also a very high level of expertise in all aspects
of our business and finance.
Our  senior  and line management team has also been considerably  strengthened
during  the  year  with  a  wide array of talent in production,  live  events,
Internet technology, marketing and presenting across the Americas, Oceania and
Europe.


Trading Results

Turnover  for  the financial year to 31st March 2000 amounted to  US$6,054,121
representing  a  proportionate  increase of  approximately  400%  compared  to
US$1,504,352 for the previous fifteen months period to 31st March 1999.  Gross
Profit  for  the  financial  year increased to  US$2,661,391,  representing  a
proportionate increase of 850% compared to the previous fifteen months  period
of US$350,076.

A new accounting policy was introduced this year with respect to the valuation
of  programme  production  costs.  By  industry  standards  it  is  considered
conservative. Programming and development costs are charged to the profit  and
loss  account in the period in which they are incurred, except to  the  extent
that  recoverability of these costs are related to income  contractually  due.
This  has  required a restatement of prior years and resulted in an  increased
loss  for  this  year. The operating loss before programming  and  development
costs  was  US$3,365,304 compared with US$2,503,527 (restated).  The  retained
loss  for the year amounted to US$5,212,702 (or $0.73 loss per share)  against
US$3,300,375  (restated) ($0.62) for the fifteen months period to  31st  March
1999.


Dividend

No dividend will be paid in respect of the period to 31st March 2000.


Accounting Policy and Change of Domicile

We  have introduced a more conservative accounting policy in the treatment  of
our  production  costs, which are now entirely written  off  in  the  year  of
expenditure.   This initiative and the proposal at the Annual General  Meeting
to  change our domicile from California to Delaware is being done in order  to
facilitate any future potential additional listing on NASDAQ.


Future Prospects

Over  the  past four years we have built a business, which now has significant
capabilities  in  broadcasting,  production, events,  publishing,  fulfilment,
merchandising, e-commerce and the Internet.  We have operating  bases  in  the
United  States, New Zealand and the United Kingdom with a work force of around
200.   Each of our product lines is able to develop and extend.  We have found
great  interest  in  our  products and expertise from  sponsors,  advertisers,
programme  makers,  broadcasters, telephone, Internet  and  utility  companies
alike.  We have kept up with the fast moving technology and increased interest
in  all the aspects of lifestyle and are ready to take full advantage of  what
the new age offers.

We look forward to the future with considerable confidence.




WEST 175 MEDIA GROUP INC.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2000
                                                                      Restated
                                                       Unaudited     15 months
                                                        31.03.00      31.03.99
                                                             US$           US$
                                                                
TURNOVER                                               6,054,121     1,504,352
Cost of sales                                          3,392,730     1,154,276
                                                    ------------  ------------
Gross Profit                                           2,661,391       350,076
Other operating expenses (net)                         6,026,695     2,853,603
                                                    ------------  ------------
OPERATING LOSS                                                                
 BEFORE PROGRAMMING                                                           
 AND DEVELOPMENT COSTS                               (3,365,304)   (2,503,527)
Programming and development costs                      2,028,933       653,287
                                                    ------------  ------------
OPERATING LOSS                                       (5,394,237)   (3,156,814)
Interest payable                                         203,576       233,794
                                                    ------------  ------------
LOSS ON ORDINARY                                                              
 ACTIVITIES BEFORE TAXATION                          (5,597,813)   (3,390,608)
Taxation                                                  23,141        11,774
                                                    ------------  ------------
LOSS ON ORDINARY                                                              
 ACTIVITIES AFTER TAXATION                           (5,620,954)   (3,402,382)
Minority interests                                       408,252       102,007
                                                    ------------  ------------
LOSS FOR THE YEAR                                                             
 ATTRIBUTABLE TO SHAREHOLDERS                        (5,212,702)   (3,300,375)
                                                      ==========    ==========
LOSS PER SHARE                                           $(0.73)       $(0.62)
                                                      ==========    ==========

Turnover and operating loss for the year arises from the company's continuing
operations.

STATEMENT OF RECOGNISED GAINS AND LOSSES
                                                            2000          1999
                                                                 (as restated)
                                                               $             $
Loss for the financial year                          (5,212,702)   (3,300,375)
Currency translation differences                                              
 on convertible loan stock                              (18,883)      (48,331)
Currency translation difference                                               
 on foreign currency net investment                        4,196             -
Gain on disposal of                                                           
 interest in subsidiary to minority                       65,917             -
                                                    ------------  ------------
Total recognised gains and                                                    
 losses relating to the year                         (5,161,472)   (3,348,706)
                                                                  ------------
Prior to adjustment (see note 3)                     (2,874,937) 
                                                    ------------ 
Total gains and losses                                           
 recognised since last annual report                 (8,036,409)
                                                     =========== 




WEST 175 MEDIA GROUP INC.
CONSOLIDATED BALANCE SHEET
for the year ended 31 March 2000

                                                      Unaudited       Restated
                                                           2000           1999
                                                            US$            US$
                                                               
FIXED ASSETS                                                                  
Goodwill                                                533,872        193,249
Tangible assets                                         888,146        809,843
                                                    -----------   ------------
                                                      1,422,018      1,003,092
                                                    -----------   ------------
CURRENT ASSETS                                                                
Stocks                                                  293,384        281,731
Debtors                                               3,731,644        626,566
Cash at bank and in hand                                 30,481        438,669
                                                    -----------   ------------
                                                      4,055,509      1,346,966
                                                                              
CREDITORS:  Amounts falling                                                   
 due within one year                                  4,391,583      2,142,381
                                                    -----------   ------------
NET CURRENT LIABILITIES                               (336,074)      (795,415)
                                                    -----------   ------------
TOTAL ASSETS LESS                                                             
 CURRENT LIABILITIES                                  1,085,944        207,677
CREDITORS:  Amounts falling                                                   
 due after more than one year                           284,873              -
PROVISION FOR LIABILITIES AND CHARGES                    61,173         61,173
                                                    -----------   ------------
                                                        739,898        146,504
                                                    ===========    ===========
CAPITAL AND RESERVES                                                          
Called up share capital                              10,423,131      3,929,944
Profit and loss account                             (12,658,685)   (7,488,594)
Capital reserve                                          27,502              -
Unsecured convertible debentures                      2,630,522      3,421,954
                                                    -----------   ------------
SHAREHOLDERS' FUNDS                                     422,470      (136,696)
MINORITY INTERESTS                                      317,428        283,200
                                                    -----------   ------------
                                                        739,898        146,504
                                                     ==========    ===========




WEST 175 MEDIA GROUP INC.
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2000

                                                      Unaudited       Restated
                                                           2000           1999
                                                            US$            US$
                                                               
Cash flow from operating activities                 (6,092,610)    (2,472,684)
Returns on investments                                                        
 and servicing of finance                             (203,576)      (233,794)
Taxation                                               (23,141)       (11,774)
Capital expenditure and                                                       
 financial investment                                 (365,556)       (60,783)
Acquisitions and disposals                              472,657       (37,377)
                                                    -----------   ------------
CASH (OUTFLOW)/ INFLOW                                                        
 BEFORE FINANCING                                   (6,212,226)    (2,816,412)
Financing                                             5,445,167      3,230,317
                                                    -----------   ------------
(DECREASE)/INCREASE IN                                                        
 CASH IN THE PERIOD                                   (767,059)        413,905
                                                     ==========     ==========



RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT

                                                                             $
                                                                              
(Decrease)/increase in cash in the period                            (767,059)
Change in net debt resulting from cash flows                                 -
Non-cash changes                                                       791,432
                                                                  ------------
MOVEMENT IN NET DEBT IN PERIOD                                          24,373
NET DEBT AT 1 APRIL 1999                                           (3,288,629)
                                                                  ------------
NET DEBT AT 31 MARCH 2000                                          (3,264,256)
                                                                   ===========


Notes:

  1.   Nature of financial information
  The  financial  information set out above does not constitute the  Company's
  statutory accounts for the year ended 31 March 2000 or the period  ended  31
  March  1999.  The financial information for 2000 is unaudited and  the  1999
  information  is  derived  from  the  statutory  accounts  for  that  period,
  restated  for the prior period adjustment referred to below. The  report  of
  the  Directors and the Accounts of the Company for the period ended 31 March
  2000  will be presented at the Annual General Meeting on 28th September 2000
  together  with  the report of the Auditors.  The auditors have  reported  on
  the  1999  accounts,  their report was unqualified and  did  not  contain  a
  statement under section 237(2) or (3) of the Companies Act 1985.
  
  2.   Accounting policies
  The  financial  information set out above has been prepared under  generally
  accepted accounting practices in the UK.
  
  3.   Prior year adjustment
  An  accounting policy was introduced this year with respect to the valuation
  of  programme  production costs. In prior years programme  production  costs
  were  recorded  at the lower of cost and net realisable value and  amortised
  over  8 years using the straight-line method beginning when first aired over
  estimated  useful lives. Programming and development costs are  now  charged
  to  the  profit  and loss account in the period in which they  are  incurred
  except  to  the  extent that recoverability of these costs  are  related  to
  income that is contractually due.