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West 175 Media Grp (WEP)

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Friday 15 December, 2000

West 175 Media Grp

Interim Results

West 175 Media Group Inc
15 December 2000



                          WEST 175 MEDIA GROUP INC.

                               INTERIM RESULTS

                 FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2000

West  175  Media  Group Inc., ('West 175' or 'the Company'), the  media  group
listed  on AIM, announces Interim Results for the six months to 30th September
2000.

The  Company  produced a loss before tax of US$3,363,887 for  the  half  year,
compared  with  US$2,132,282 (restated) for the six months to  30th  September
1999.   The loss per share was US$0.24p per share (Interim 1999: US$0.30p  per
share).  There is again no dividend.

Turnover  and  cost  of sales remain largely unchanged as  compared  with  the
previous  period  with other operating expenses, increasing from  US$2,816,389
(restated) to US$4,051,995.  This reflects the active build up of the business
in  the  past  two  years, with eight acquisitions and joint ventures  in  New
Zealand  and two in the UK. The company anticipates that these new  businesses
will contribute to group turnover in the second half.

Shareholders' funds stood at US$20.96m (Interim 1999: US$2.25m) at the end  of
the  period under review.  The Balance Sheet and Cash Flow statements  reflect
the £11m fund raising in August 2000.

Highlights of the six months to 30 September 2000

* Continued expansion in the US, UK and New Zealand
* Business model firmly established with events, broadcast TV
  sponsorship,Internet, ISP, local radio based a round lifestyle TV
* Board appointments and changes
* UK
  - £11m fund raising with institutions completes funding programme
  - Union 175 TV joint venture with Union Pictures, entry into UK TV  market
* New Zealand
   - Acquisition of 60% of Actrix.com, New Zealand's oldest ISP
   - 24.9% interest in Central Park Interactive, to market new
     subscribers in Actrix
   - 49% interest in Centurion GSM, country's main Vodafone
     distributorship
* US
  - Launch of MASTERCHEF USA, America's top rated cookery competition
    show
  - Second GREAT FOOD series broadcast; fourth series, Chefs of Cucina
    Amore
  - US distribution of the World of Wildlife series
  - First US Company listed in London to announce settlement in CREST

Rohan Courtney, Chairman, in his statement, says:

'The next six months should see an increase in all areas of our business and a
levelling of operating expenses.  We expect this trend to continue through  to
the next financial year.

We have built up a significant international portfolio of broadcast production
and  media related businesses and built a more balanced group. The stockmarket
has  shown confidence in West 175 when we raised £11m in August 2000.   We  do
not intend to disappoint.'

ENDS

Enquiries:

West 175 Media Group Inc       Binns & Co PR Ltd
Rohan Courtney, Chairman       Peter Binns
                               Paul McManus

Tel:     020 8398 7175 or
         01584 856608
Mob:     07879 498 544          Tel: 020 7786 9600



Editor's Notes:

West 175 Media Group Inc.

West  175  Media Group Inc. is a worldwide media company specialising  in  all
aspects  of broadcasting, programme production, merchandising, publishing  and
live events. Its activities are concentrated in the United States, UK and  New
Zealand and it employs some 230 people worldwide.

The  Company's activities extend from the production of corporate  and  public
live events, television and consumer programme production and broadcasting  to
product   fulfillment,  merchandising,  publishing, e-commerce  and  Internet
service provision.

                             Chairman's Statement

Current Trading

The  period  under  review  confirmed our active build  up  of  media  related
businesses in the UK, New Zealand and the US.

Our  strategy of building a media business based on the New Zealand  model  of
putting  together, at a very small cost, an integrated group of  companies  is
starting to produce results.

In  the UK, we are building up our business activities and intend to focus  on
expansion more in this area in the next 18 months.  Union 175 allows West  175
to  immediately enter the UK television production market with  a  partner  of
high standing and expertise.

Under  the terms of the joint venture West 175 will either provide or  procure
up  to £2m of working capital via a loan facility.  The joint venture will  be
the  beneficiary  of  the current contract with the BBC to produce  MasterChef
2001 for BBC2.  This contract has run for 10 years and is extendable by mutual
consent.

Together with other confirmed UK projects it is expected to produce a  minimum
of  £500,000  in production fees in calendar year 2001.  Union 175  should  at
least  breakeven  in its first year.  Additional projects under  consideration
could yield a further £1m on an annualised basis.

In  New Zealand, we have funded the final payment for Actrix.  I am pleased to
report that there has been a significant increase in the number of subscribers
since  the  purchase  from  5,000 to 15,000.  Our  interest  in  Central  Park
Interactive, which markets Playstation, Nintendo and Game Boy, will market new
subscribers  for  Actrix.  Centurion GSM will also cross market  with  Actrix.
Our  television and radio channels go from strength to strength.   Advertising
and  viewership figures have continued to increase.  Ninox 175, another
high-class  production company, should also prove a strategically sound
investment. It will cross-fertilise well with Union 175.

Our successful live events business in the UK has been the  launch  pad  for
expansion in the US.

We have been active elsewhere in the US, in particular  in  launching  new
programmes and follow-ups on existing successful series.

This includes: the launch of MasterChef USA, already  America's  top  rated
cookery show; a second series of GREAT FOOD, a 50:50 joint venture  with the
BBC; the fourth series of our well-established Chefs of Cucina  Amore;  and,
first-time US distribution of the World of Wildlife series.


Board Changes


There  were  two  appointments to the Board and one change during  the  period
under  review.   We are pleased to announce that Charles Sebag-Montefiore  has
joined  the Board of West 175 as a non-executive Director.  He is a  qualified
accountant  with 24 years of corporate finance experience in stockbroking  and
investment  banking. His extensive background in corporate finance and  strong
international perspective will benefit the company.


His principal activity is at IDJ Limited, a London-based independent corporate
finance house established in 1972.  He joined in June 1999.  He is also a
non-executive director of two other companies, one listed, and since 1994 has
been a  member  of  the  advisory board of two unit trusts  within  the  HSBC
Fund Management  Group.   His  other  non-executive  directorships  are  at
Govett European  Enhanced  Investment Trust PLC, a split  capital  investment
trust, since  its  flotation  in July 1999 and Deputy Chairman at  publisher
Harvill Press Limited since 1995 after arranging an MBO from Harper Collins.



Charles  replaces John Gunn, who has left West 175 to develop certain  of  his
other interests which require a substantial input of his time.  He joined  the
Board  of  West  175 in April 1999.  On behalf of the Board, I would  like  to
thank John for his support and wish him well.



Jeffrey  Green,  formerly a non-executive Director, also recently  joined  the
Board  on  a  full-time basis as executive Director, New  Zealand  operations.
West  175's  two  other non-executive Directors are Sir David Frost,  OBE  and
Douglas Neistat.

Outlook


The next six months should see an increase in all areas of our business and  a
levelling of operating expenses.  We expect this trend to continue through  to
the next financial year.

We  are now looking to replicate our film production activities in the UK  and
the US.  The Union 175 joint venture, together with Ninox 175, in New Zealand,
and  West  175  Productions, based in Seattle, gives  us  a  global  reach  in
programme making, allowing us to compete at the top level for the provision of
content.

West  175  now  has  an  established  an international  network  of  broadcast
production  and  media related businesses in the UK, US and  New  Zealand  and
built  a  more  balanced  group. At the same time, we have  maintained  strong
relationships with the BBC and PBS.


The stockmarket has shown confidence in West 175 when we raised £11m in August
2000.  We do not intend to disappoint.


Rohan Courtney
Chairman, West 175 Media Group Inc.
15 December 2000

WEST 175 MEDIA GROUP INC.


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30th September 2000

                     
                       Unaudited     Unaudited         Audited
                     6 months to  6 months  to    12 months to
                        30.09.00      30.09.99        31.03.00
                                      Restated
                             US$           US$             US$

TURNOVER               2,163,153     2,036,072       6,054,121
Cost of sales          1,066,331       920,714       3,392,730
                       -----------   -----------    -----------
Gross profit           1,096,822     1,115,358       2,661,391

Other operating
  expenses(net)         4,051,995    2,816,389       6,026,695
                       -----------   -----------    -----------

OPERATING LOSS BEFORE
  PROGRAMMING AND
  DEVELOPMENT COSTS    (2,955,133)  (1,701,031)     (3,365,304)

Programming and
  Development costs       404,617      305,959       2,028,933
                       -----------   -----------    -----------
OPERATING LOSS         (3,359,750)   (2,006,990)    (5,394,237)

Interest receivable        58,372            -               -
Interest payable          (62,509)     (124,292)      (203,576)
                       -----------   -----------    -----------

LOSS ON ORDINARY
  ACTIVITIES
  BEFORE TAXATION      (3,363,887)   (2,131,282)    (5,597,813)
Taxation                       -             -          23,141
                       -----------   -----------    -----------

LOSS ON ORDINARY
ACTIVITIES
  AFTER TAXATION       (3,363,887)   (2,131,282)    (5,620,954)

Minority interests             -       225,966         408,252
                       -----------   -----------    -----------

LOSS ATTRIBUTABLE TO
  SHAREHOLDERS         (3,363,887)   (1,905,316)    (5,212,702)
                       ===========   ===========    ===========
LOSS PER SHARE             $(0.24)       $(0.30)        $(0.73)

WEST 175 MEDIA GROUP INC.


CONSOLIDATED BALANCE SHEET
At 30th September 2000

                         Unaudited    Unaudited      Audited
                                       Restated
                          30.09.00     30.09.99     31.03.00
                               US$          US$          US$

FIXED ASSETS
Investment               1,653,601            -            -
Goodwill                 2,386,300     184,006      533,872
Tangible assets          2,743,174     768,964      888,146
                       ----------   ----------    ----------
                         6,783,075     952,970    1,422,018
                        ----------   ----------   ----------

CURRENT ASSETS

Stocks                     530,176     241,476      293,384
Debtors                  2,228,053   1,706,699    3,731,644
Cash at bank and in
  Hand                  13,677,821   3,123,793       30,481
                        ----------   ----------  ----------
                        16,436,050   5,071,968    4,055,509



CREDITORS: Amounts
  Falling due within
  one year               1,961,169   3,615,925    4,452,793
                        ----------   ----------  ----------

NET CURRENT             14,474,881    1,456,043    (397,284)

ASSETS/(LIABILITIES)
                        ----------   ----------    ----------
TOTAL ASSETS            21,257,956    2,409,013    1,024,734

CREDITORS: Amounts
  Falling due after
  more than one year       230,626       93,510      223,663

PROVISIONS FOR
  LIABILITIES
  AND CHARGES               61,173        61,173      61,173
                        ----------   ----------    ---------
                        20,966,157    2,254,330      739,898
                        ==========   ==========    =========

CAPITAL AND RESERVES
Called up share
  Capital               36,988,728    8,509,825    10,423,131
Profit and loss
  Account              (16,022,571)  (9,846,305)  (12,658,685)
Capital reserve                  -             -       27,502
Unsecured convertible
  Debentures                     -     3,001,452    2,630,522
                        ----------   ----------    ---------

SHAREHOLDERS' FUNDS     20,966,157     1,664,972      422,470
MINORITY INTERESTS               -       589,358      317,428
                        ----------    ----------    ---------
                        20,966,157     2,254,330      739,898
                        ==========    ==========    =========


WEST 175 MEDIA GROUP INC.

CONSOLIDATED CASH FLOW STATEMENT
At 30th September 2000

                         Unaudited    Unaudited        Audited
                                       Restated
                       6 months to   6 months to  12 months to
                          30.09.00      30.09.99      31.03.00
                               US$           US$           US$

Cash flow from
  Operating activities (3,511,005)   (1,991,143)   (6,092,610)
Returns on
  investments and
  servicing of finance     (4,137)     (124,292)     (203,576)
Taxation                       -             -        (23,141)

Capital expenditure
  and financial        (2,334,705)            -      (365,556)
  investment

Acquisitions and
  Disposals            (3,976,526)       532,124      113,579
                       -----------   -----------   -----------

CASH (OUTFLOW)/INFLOW
  BEFORE FINANCING     (9,826,373)   (1,583,311)   (6,571,304)


Financing              23,832,584     4,268,435     5,804,245
                       -----------   -----------   -----------

INCREASE/(DECREASE)                                                            
IN CASH IN THE PERIOD  14,006,211     2,685,124     (767,059)
                       ===========   ===========   ===========

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT

                                  US$

Increase in cash in
  the period               14,006,211
Conversion  of   loan
  Stock                     2,630,522
Repayment of loan             305,344

New finance leases            (48,350)
Cash flow from increase
  in debt and lease
  financing                    50,603
                           -----------
-Movement in net  debt
  in period                16,944,330
Net  debt at 31 March
  2000                     (3,470,100)
                          ------------

NET DEBT/CASH AT 30
  SEPTEMBER 2000           13,474,230
                          ============



Notes to Interim Accounts


1.    The  financial  information contained in this interim  report  does  not
constitute  statutory accounts for the Group for the relevant  periods.  The
financial  information  has not been audited or reviewed  by  the  Company's
auditors. The comparative figures for the financial year ended 31st March 2000
are based on the company's statutory accounts for the financial year on which
the auditors gave an unqualified opinion.

2.    The  interim  financial information has been prepared on  the  basis  of
accounting policies adopted for the year ended 31st March 2000 as set out in
the group statutory accounts. An accounting policy was introduced in the year
to  31st  March  2000 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. The comparative figures for 6 months to 30th September 1999 have been
restated to reflect change in accounting policy.



3.    The  losses per share ($0.24) are based on losses after taxation and  on
14,195,596 (30th Sept 1999: 6,428,728 and 31st March 2000: 7,152,219) common
stock being the weighted average number of shares in issue during the period.