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Orbital Soft Hldgs (ORB)

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Tuesday 21 November, 2000

Orbital Soft Hldgs

Interim Results

Orbital Software Holdings PLC
21 November 2000

Embargoed for 0700am
21 November 2000

                        ORBITAL SOFTWARE HOLDINGS PLC
     ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000

Orbital Software Holding plc ('Orbital'), a leading provider of e-business
solutions, today announces its maiden interim results for the six months ended
30 September 2000.

Financial Highlights

Successful flotation on techMARK Index of the London Stock Exchange in October
2000 - £16.7 million raised for the Company net of expenses

Turnover for the six months increased 299 per cent. to £365,604 (1999:£91,575)

Second quarter sales (July - September 2000) up 49 per cent. on first quarter
to £218,868

Operating loss over the six months period in line with expectations at
£2,369,245

Operating Highlights

Partnership agreed with Virdev Inc., a US ASP specializing in R&D applications

UK expansion progressing according to plan

Further partnerships/deals under discussion

A new sales office was established in London

Commenting on the results, Ian Ritchie, Non-Executive Chairman, of Orbital,
said:

'The last six months have been very significant for Orbital. A successful
flotation in London has given us additional funding for investment in
international marketing and R&D as well as substantially increasing our
profile. It is our belief that the next six months will see expansion in all
areas, with particular emphasis on sales and collaborations in Europe. The
Board is excited about the future of the Group and looks forward to
maintaining strong quarter on quarter growth.'

________________________________________________________________________________
For further information, please contact:

Orbital Software          On 21.11.00:  +44 (0) 20 7466 5000
Kevin Dorran           Thereafter:      +44 (0) 131 348 3000
Brian Gray

Buchanan Communications
Nicola How / Isabel Petre        Tel: +44 (0) 20 7466 5000
                           

                        ORBITAL SOFTWARE HOLDINGS PLC

          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000

Overview

The last six months has been an exciting time in the history of Orbital and I
am pleased to be able to report positive progress in all areas of the Group's
business over the six month period to 30 September 2000. The Group has seen
particularly strong growth over the last quarter, not only in new customers
and revenue but also in all areas of operations.

Since the end of the reporting period the Group has completed a successful
flotation on the Official List of the UK Listing Authority, gaining inclusion
in the techMARK Index and raising £16.7 million for the Group, net of
expenses.

These funds will be used to:

expand the direct and indirect sales channels in the US, £8.7 million;

market the Organik application, £5 million;

invest in Research and Development, £2 million; and

expand into Asia and the Pacific Rim, £1 million.

Going forward the Group has begun heavy investment in an expansion programme
focused predominantly on our direct and indirect sales channels in the US and
in establishing a foothold in Europe.

Financial Highlights

Turnover of £365,604 for the six month period ending 30 September 2000 was in
line with our expectations and represents a 299 per cent. increase over the
same period in 1999. Turnover for the quarter ending 30 September 2000 of
£218,868 represents a 49 per cent. increase over the previous quarter and 1,216
per cent. over the same quarter in 1999.

The US continues to be our primary market with 88 per cent. (£323,529) of
sales coming from our US operation, which continues to see further growth in
both new customers and further deployments within our existing customers.

Post flotation the Group has cash reserves of approximately £20 million.

Operating Review

The Group

The number of deployments of Organik has grown from 15 to 25 in the six month
period and is expected to increase considerably over the next six month period
as we increase our focus on Europe and continue to expand across the US.

US Operations

In the US a number of Fortune 500 companies are applying Organik to gain a
competitive edge. Within the reporting period we added a significant number of
customers including Ericsson and Lucent to our user base.

Also in the US, Virdev, a project management software supplier, is embedding
Organik within their e-PD (electronic product development) application. This
application is then offered as an application service (ASP) to large
geographically dispersed design teams.

The Group is pleased to have been selected by Intel as one of its knowledge
management partners. We have developed an application for the next generation
of Pentium processors, which was exhibited in November at Comdex as part of
the Intel partner relationship.

European Operations

In July of this year we embarked on replicating our successful US sales model
in the UK with the establishment of a sales office near London. This will be
the hub for our European sales activity, on which we are currently focusing a
great deal of time and energy. We look forward to reporting positive progress
in this area in due course.

New media portals have been an area where we have seen particular growth in
Europe including a recent contract with The Scotsman to supply Organik as part
of their portal strategy.

Additionally, Clearlybusiness, the joint venture between Barclays and
Freeserve, have also committed to using Organik within their small business
portal.

Research and Development

Continued development of our Organik product has been a priority for the Group
over the last period giving additional functionality and improved tools for
developers. We have also added further operating system support including
Windows NT and SQL server. We plan to develop our relationship with the
Microsoft channel further to sell this version of the product internationally.

Recruitment and Staff Development

Headcount has accelerated on plan over the past six months from 38 in March
2000 to 63 in September 2000. This includes an increase in the number of sales
people employed by the Group from 4 to 10 in the six month period and an
increase in marketing heads from 4 to 11.

Of the sales personnel, the ten representatives are made up of 6 in the US and
4 in Europe. Since the end of reporting period we have employed a further 5, 1
in the US and 4 in the UK, bringing our total to 15.

We continue to rely heavily on the Group's ability to add and train staff both
in the US and Europe. One of the Board's priorities is to ensure that its
recruitment policy meets these needs while ensuring employee job satisfaction.

Board Appointment

On 21 November 2000 Ernst Kallus, Vice President Global Sales and Marketing,
was appointed to the Board. Ernst Kallus joined Orbital Software in June 2000.
Prior to this he held a number of senior sales, marketing and general
management roles in public companies, such as Digital Equipment Co., Inc.,
specialising in business development and sales and marketing strategy.

Most recently he founded and was Managing Director of informAction Limited, an
e-business consultancy based in Edinburgh. Ernst is responsible for the
Group's sales and marketing initiatives.

Outlook

The last six months have been very significant for Orbital. A successful
flotation in London has given us additional funding for investment in
international marketing and R&D as well as substantially increasing our
profile. It is our belief that the next six months will see expansion in all
areas, with particular emphasis on sales and collaborations in Europe. The
Board is excited about the future of the Group and looks forward to
maintaining strong quarter on quarter growth.


Ian Ritchie, Chairman
21 November 2000


                        ORBITAL SOFTWARE HOLDINGS PLC

          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000


Consolidated profit and loss account

for the six months to 30 September 2000


PRIVATE                                        Unaudited   Unaudited    Audited
                                       Notes  Six months  Six months    Year to
                                                      to          to   31 March
                                                      30          30       2000
                                               September   September          £
                                                    2000        1999
                                                       £           £
Turnover                                   1     365,604      91,575    190,404
Cost of sales                                   (12,326)       (549)   (19,958)

Gross profit                                     353,278      91,026    170,446
Administrative expenses                      (2,722,523) (1,138,052) (2,471,160)

Operating loss                               (2,369,245) (1,047,026) (2,300,714)
Interest receivable                              136,416      33,721     43,415
Interest payable and similar charges            (29,585)    (22,736)   (82,163)

Loss on ordinary activities before           (2,262,414) (1,036,041) (2,339,462)
taxation
Tax on loss on ordinary activities         2           -           -          -

Loss on ordinary activities after            (2,262,414) (1,036,041) (2,339,462)
taxation
'A' ordinary share appropriation                (81,433)    (30,666)   (61,333)
(non equity)

Loss for the financial period                (2,343,847) (1,066,707) (2,400,795)

Loss per share - Basic
Ordinary shares (£)                        3      (1.65)      (0.91)     (2.04)


Consolidated statement of total recognised gains and losses

for the six months to 30 September 2000
PRIVATE                                           Unaudited Unaudited   Audited
                                                        Six       Six   Year to
                                                  months to months to  31 March
                                                         30        30      2000
                                                  September September         £
                                                       2000      1999
                                                          £         £
Loss for the financial period                  (2,343,847)(1,066,707)(2,400,795)
Currency translation difference on foreign         10,304      4,654     20,520
currency net investment
Total losses recognised since last period      (2,333,543)(1,062,053)(2,380,275)



                        ORBITAL SOFTWARE HOLDINGS PLC

          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000

Consolidated balance sheet

as at 30 September 2000
PRIVATE                                          Unaudited Unaudited   Audited
                                           Notes       Six       Six   Year to
                                                 months to months to  31 March
                                                        30        30      2000
                                                 September September         £
                                                      2000      1999
                                                         £         £
Fixed Assets
Tangible Assets                                    351,904   241,177   240,049

                                                   351,904   241,177   240,049

Current assets
Stock                                                    -    18,110         -
Debtors                                            726,695   134,125   189,268
Cash at bank and in hand                         4,464,203   903,712   323,796

                                                 5,190,898 1,055,947   513,064
Creditors: amounts falling due within one        (867,223) (419,850) (1,149,397)
year

Net current assets/(liabilities)                 4,323,675   636,097 (636,333)

Creditors: amounts falling due after more         (65,625) (300,621) (314,618)
than one year

Net assets/(liabilities)                         4,609,954   576,653 (710,902)

Capital and reserves
Called up share capital                            147,723   117,473   117,473
Capital reserves                               4 11,046,846 3,392,030 3,422,697
Profit and loss account                      4 (6,584,615)(2,932,850)(4,251,072)

Shareholders' funds                            5 4,609,954   576,653 (710,902)


                        ORBITAL SOFTWARE HOLDINGS PLC

          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000

Consolidated cash flow statements

for the six months to 30 September 2000
PRIVATE                                            Unaudited Unaudited  Audited
                                                         Six       Six  Year to
                                                   months to months to 31 March
                                                          30        30     2000
                                                   September September        £
                                                        2000      1999
                                                           £         £
Operating loss                                 (2,369,245)(1,047,026)(2,300,714)
Depreciation charges                                 103,314    41,029   98,681
Loss on sale of tangible fixed assets                 45,401         -        -
Decrease in stocks                                         -       549   18,659
(Increase) in debtors                              (537,427)  (50,094) (113,955)
Increase/(decrease) in creditors                     558,199  (75,958)   62,385

Net cash outflow from operating activities     (2,199,758)(1,131,500)(2,234,944)

Returns on investment and servicing of finance
Interest receivable                                  135,299    29,362   47,774
Interest payable                                    (29,585)  (22,736) (82,163)

Net cash inflow/(outflow) from returns on            105,714     6,626 (34,389)
investment and servicing of finance

Taxation received                                          -     7,782    7,782
Capital expenditure
Payments to acquire fixed assets                   (259,456) (141,387) (197,911)

Net cash outflow before financing              (2,353,500)(1,258,479)(2,459,462)

Financing
(Decrease)/increase in short term borrowings       (840,371)         -  628,704
(Decrease) in long term borrowings                 (248,993)  (12,712) (36,215)
Translation difference                                10,304     4,654   20,520
Proceeds from issue of shares                      7,624,697         -        -
Financing costs                                     (51,731)         -        -

Net cash inflow/(outflow) from financing           6,493,906   (8,058)  613,009

Increase/(decrease) in cash in the period        4,140,406(1,266,537)(1,846,453)

Reconciliation of net cash flow to movement
in net debt
Net (debt)/cash at beginning of the period         (868,693) 1,570,249 1,570,249
Increase/(decrease) in cash in the period        4,140,406(1,266,537)(1,846,453)
Decrease/(increase) in short term borrowings         840,371         - (628,704)
Decrease in long term borrowings                     248,993    12,712   36,215

Net cash/(debt) at end of period                   4,361,077   316,424 (868,693)


                        ORBITAL SOFTWARE HOLDINGS PLC

          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000

Notes to the Interim Statement

1. Segmental information
PRIVATE                                       Unaudited   Unaudited     Audited
                                             Six months  Six months     Year to
                                                     to          to    31 March
                                                     30          30        2000
                                              September   September           £
                                                   2000        1999
                                                      £           £
Geographical segments
Turnover by geographical destination and
origin:
UK                                               42,075      17,125      40,875
USA                                             323,529      74,450     149,529

                                                365,604      91,575     190,404

Operating loss by geographical origin:
UK                                          (1,789,610)   (691,535) (1,564,573)
USA                                           (579,635)   (355,491)   (736,141)

                                            (2,369,245) (1,047,026) (2,300,714)

Net assets/(liabilities) by geographical
origin:
UK                                            6,550,585   1,556,180     475,548
USA                                         (1,940,631)   (979,527) (1,186,450)

                                              4,609,954     576,653   (710,902)


2. Tax on loss on ordinary activities

There is no charge for corporation tax for the half year ended 30 September
2000 as a result of losses arising in the period.



3. Loss per share

The calculation of earnings per share are based on the following losses and
number of ordinary shares:


PRIVATE                                    Unaudited    Unaudited      Audited
                                          Six months   Six months      Year to
                                                  to           to     31 March
                                        30 September 30 September         2000
                                                2000         1999            £
                                                   £            £
Loss for the financial period            (2,343,847)  (1,066,707)  (2,400,795)

Weighted average basic number of shares    1,424,042    1,174,734    1,174,734


4. Reserves

The movement on reserves are as follows:


PRIVATE                                                 Share Premium
                                             Profit           Account   Capital
                                                and                 £  Reserves
                                               Loss                           £
                                            Account
                                                  £
At 1 April 2000                           (4,251,072)         3,422,697        
-
Retained loss for the period              (2,262,414)                 -        
-
Premium on shares issued during period            -         7,594,446         -
Expenses and costs arising on issue of            -          (51,730)         -
shares
Currency translation                         10,304                 -         -
Appropriation of issue costs on 'A'        (81,433)            81,433         -
ordinary shares
Transfer to capital reserves                      -      (11,046,846) 11,046,846

At 30 September 2000                      (6,584,615)            -    11,046,846




5. Reconciliation of movements in shareholders' funds


PRIVATE                                      Unaudited    Unaudited     Audited
                                            Six months   Six months     Year to
                                                    to           to    31 March
                                          30 September 30 September        2000
                                                  2000         1999           £
                                                     £            £
Loss for the financial period before       (2,262,414)  (1,036,041) (2,339,462)
appropriations
Currency translation                            10,304        4,654      20,520
New share capital issued                     6,575,000            -           -
Loans converted to new share capital         1,049,697            -           -
issued
Cost of issue of share capital                (51,731)            -           -

                                             5,320,856  (1,031,387) (2,318,942)
Opening shareholders' funds                  (710,902)    1,608,040   1,608,040

Closing shareholders' funds                  4,609,954      576,653   (710,902)


6. Basis of preparation

The results for the six months to 30 September 2000 and 30 September 1999 are
unaudited and have been prepared on the basis of accounting policies
consistent with those set out in the audited report and financial statements
for the year ended 31 March 2000. The trading results of the Group reflect
those of Orbital Software Group Limited which was acquired by Orbital Software
Holdings plc on 19 September 2000. Orbital Software Holdings plc was admitted
to the Official List of the UK Listing Authority on 11 October 2000.


The results for the six months to 30 September 2000 reflect a change in
accounting estimate of the useful lives of computer equipment and fixtures and
fittings. Subsequent to 31 March 2000 it was determined to provide
depreciation at 33 per cent. and 20 per cent. straight line basis on computer
equipment and fixtures and fittings respectively. Prior to 31 March 2000 the
rates of depreciation were 25 per cent. on computer equipment and 10 per cent.
on fixtures and fittings, both on the reducing balance method. The change in
the estimate of the useful lives of computer equipment and fixtures and
fittings was made to provide a more appropriate reflection of the period over
which computer equipment and fixtures and fittings are retained and used. The
impact was to reduce operating profits by £35,622 in the period to 30
September 2000. The brought forward balances as at 31 March 2000 are being
depreciated over the remaining period of the revised lives.

The results for the year ended 31 March 2000 are an abridged version of the
Group's full financial statements which carried an unqualified auditors'
report and which have been filed with the Registrar of Companies. These
results were audited by PricewaterhouseCoopers for the year ended 31 March
2000.

7. Post Balance Sheet Events

By special resolution passed on 3 October 2000, it was resolved that:

(a) each of the issued and unissued ordinary shares of 10p each and 'A'
ordinary shares of 10p each in the capital of the Company be redesignated as
an ordinary share of 10p;

(b) the authorised share capital of the Company be increased from £164,136.40
to £5,000,000 by the creation of 48,358,636 ordinary shares of 10p each, each
ranking pari passu in all respects with the existing ordinary shares of 10p
each;

(c) the sum of £1,477,228 which will be part of the sum standing to the credit
of the Company's share premium account on Admission be applied in paying up in
full 14,772,280 ordinary shares of 10p each to be allotted credited as fully
paid at par to the holders of the issued ordinary shares of 10p each and 'A'
ordinary shares of 10p each on the Company's register of members immediately
prior to Admission on the basis of 10 ordinary shares for each ordinary share
of 10p or 'A' ordinary share of 10p held; and

(d) each of the issued and unissued ordinary shares of 10p each be subdivided
into 2 ordinary shares of 5p each.



The Company allotted 12,413,800 ordinary shares of 5p at a price of 145p per
share. The issued share capital at the date of this report is 44,912,816
ordinary shares of 5p. On 11 October 2000 the Company was admitted to the
Official List of the UK Listing Authority.