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Kingsbridge Hldgs (PNC)

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Friday 09 February, 2001

Kingsbridge Hldgs

Interim Results

Kingsbridge Holdings PLC
9 February 2001

                           KINGSBRIDGE HOLDINGS PLC

                            First Interim Results

Kingsbridge Holdings Plc, ('Kingsbridge') a provider of financial services and
advice, focusing on sports and entertainment clients, announces its First
Interim Results for the period from 15th June 2000 to 15th December 2000.
These are the first results since flotation in July 2000.

  * Considerable progress made


  * Two acquisitions completed, new products launched and initial move into
    the entertainment market completed


  * London office opened


  * New sales personnel recruited


  * League Managers Association website to be launched in February


  * Profit before tax and goodwill amortisation £335,000




Charles Green, Chairman, commented:


'I consider this to be a very satisfactory result and, with a full
contribution from Murray and the expansion of our business outlined below, I
am optimistic that we shall attain our targets during the remainder of the
year.


'We have refined our client base to ensure that our resources are focused on
high net worth sporting and entertainment individuals. In addition we have
attracted new clients in horse racing, rugby (both league and union), and
cricket.


'The Board continues to review new opportunities to develop and expand our
existing client and product base, both through organic growth and by
acquisition.'




                                                               9 February 2001


ENQUIRIES:

Kingsbridge Holdings Plc                           Tel: 0115 852 3620
Charles Green, Chairman                            Tel: 07767 238777
David McKee, Managing Director

College Hill Associates                            Tel: 020 7457 2020
Michael Padley / Nicholas Nelson


Chairman's Statement


This is my first report to you since the Company was floated on the
Alternative Investment Market on 19th July 2000. It covers the period from
15th June 2000, when the Company acquired the business of the Kingsbridge
Partnership, to 15th December 2000, during which time considerable progress
has been made. We have acquired Murray Management Group Ltd., which
significantly expanded our presence in Scotland, Maxdelta Ltd., which
increased our exposure to the entertainment industry, and Kingweb Ltd., which
holds the license to operate the League Managers Association (an existing
client) website. In addition, the client base was reviewed and also expanded
into new areas and new products were launched. We opened our London office at
39 Threadneedle Street in October 2000.


This first interim report is issued to ensure that we comply with Stock
Exchange regulations which requires that figures are published at least every
six months. We propose to issue a second interim report for the period to the
end of February 2001, which will then put us onto our regular reporting
timetable.

Trading Results


I am pleased to announce that trading profit before tax and goodwill
amortisation, but including interest earned, was £335,000; this was despite
the directors focusing their efforts on the flotation of the Company during
June and July. Goodwill write-off arising from acquisitions totalled £47,000,
reducing the pre-tax profit to £288,000. The sale to new and existing clients
of over £30 million of a tax effective investment scheme under an agreement
with Close Brothers contributed to this and it is anticipated that special
products of a varying nature will be a continuing feature in future years'
trading. Murray contributed positively, but for only some eleven weeks of the
period.


I consider this to be a very satisfactory result and, with a full contribution
from Murray and the expansion of our business outlined below, I am optimistic
that we shall attain our targets during the remainder of the year. As
expected, your directors are not proposing to pay an interim dividend.


Expansion of client base


We have refined our client base to ensure that our resources are focused on
high net worth sporting and entertainment individuals. In addition we have
attracted new clients in horse racing, rugby - both league and union -, and
cricket. We aim to become the leading provider of independent financial advice
in these new areas of activity. The group's client list now totals some 5000
of whom around 1750 are football related, of which approximately 300 are
English or Scottish premier league players and managers.


New Scottish subsidiary


We acquired Murray Management Group Ltd on 29th September 2000 for an initial
consideration of £3.53 million, comprising £150,000 in cash, £1,350,000 by the
issue of redeemable loan stock and the issue of 3,500,000 new ordinary shares
of the company. Deferred consideration of up to a maximum of 1,139,655 further
ordinary shares will become payable, dependent on the profit before taxation
of Murray in the period to 31st August 2001. John Murray & Company Ltd is
their trading subsidiary, which is based in Glasgow and now uses the trading
name of Kingsbridge. Murray is a significant force in the Scottish football
market. As well as being the preferred adviser to many individual footballers
and managers, they are also the officially appointed adviser to the Scottish
Premier League and Scottish Football League. We have been able to use their
expertise to provide a more local service to many of our clients in Scotland.
John Murray was appointed to the board on 29th September 2000.


Entertainment business


A move into advising clients in the entertainment business has been made by
the acquisition of Maxdelta Ltd. from Keysports Management Ltd, which has
granted us exclusive rights to provide to their client base, including top
names in the entertainment world, our wide range of financial services. The
consideration paid was £500,000, satisfied by the issue of 862,069 shares in
your company. Keysports will share in the profits made by Maxdelta from
clients introduced by them. We are already advising several high net worth
entertainers and are optimistic about the prospects for this branch of our
business.


LMA Website


We agreed terms on 9th November 2000, for the acquisition of Kingweb Ltd from
the League Managers Association for a nominal consideration. This company will
be licensed to run the LMA web site and FAST Web Media Ltd will be appointed
as the web site export operator. The official launch of the revised and
upgraded site is expected to be in late February or early March 2001. We
expect to earn significant revenues from this venture in the future.


Outlook


These are early days in the development of our company but we have already
taken a number of important steps to take the business forward, which will
ensure that we continue to deliver against the strategy outlined in our
Prospectus. The Board continues to review new opportunities to develop and
expand our existing client and product base, both through organic growth and
by acquisition. Your directors are pleased with the progress to date and face
the future with confidence.


I look forward to reporting to you again at the time of our second interim
results.

Charles Green

Chairman

Unaudited profit and loss account

For the period ended 15 December 2000

                                                      Turnover    Profit (loss)
                                                      6 months         6 months
                                                   15 December      15 December
                                                          2000             2000
                                                         £'000            £'000
Continuing businesses                                       -             (101)
Acquisitions                                            1,453              335
                                                    __________       __________

Operating profit before goodwill amortisation                              281
Amortisation of goodwill                                                   (47)

Operating profit                                                           234
Net finance costs:
- Net interest income                                                      54
                                                                     __________
Profit on ordinary activities before taxation                              288
Taxation (Note 3)                                                         (110)
                                                                     __________
Profit after taxation                                                      178
                                                                     __________
Retained profit for the period                                             178
                                                                     __________
Earnings per ordinary share (Note 4)
Basic                                                                     0.45p
EPS excluding goodwill amortisation                                       0.56p


There were no other recognised gains or losses other than the profit for the
period.

Unaudited Balance Sheet

15 December 2000

                                                                    15 December
                                                                           2000
                                                                          £'000
Fixed assets
Tangible fixed assets                                                      596
Goodwill                                                                 4,457
                                                                     __________
                                                                         5,053
Current assets
Debtors                                                                  1,099
Cash at bank and in hand                                                 2,432
                                                                     __________
                                                                         3,531
Creditors: Amounts falling due within 1 year                            (2,256)
                                                                     __________
Net current assets                                                       1,275
                                                                     __________
Total assets less current liabilities                                    6,328
Provisions for liabilities and charges                                      (2)
                                                                     __________
Net assets                                                               6,326
                                                                     __________
Capital and reserves
Share capital                                                              604
Share premium account                                                    4,883
Shares to be issued                                                        661
Profit and loss account                                                    178
                                                                     __________
Equity shareholders' funds                                               6,326
                                                                     __________




Unaudited reconciliation of movements in shareholders' funds

For the period ended 15 December 2000

                                                                       6 months
                                                                    15 December
                                                                           2000
                                                                          £'000
Profit for the financial year                                              178
New share capital subscribed                                             5,487
Shares to be issued                                                        661
                                                                     __________
Net increase in shareholders' funds                                       6,326
Opening shareholders' funds                                                  -
                                                                     __________
Closing shareholders' funds                                               6,326
                                                                     __________


Notes to the Interim announcement

Note 1: Accounting policies

The accounts have been prepared based on the accounting policies as set out in
the Company's Prospectus document published on 12 July 2000.


Note 2: Dividends

The directors do not recommend the payment of a dividend.


Note 3: Taxation

The tax charge is based on UK corporation tax payable at the current rate.


Note 4: Earnings per ordinary share

Basic earnings per ordinary share is calculated using a profit of £178,000,
and a weighted average number of ordinary shares in issue of 39,895,283.


Earnings per share excluding goodwill amortisation is calculated using a
profit of £225,000, and a weighted average number of ordinary shares in issue
of 39,895,283. This figure has been included as the directors consider that
this figure is helpful for a better understanding of the underlying business.


Note 5: Copies of interim results

Copies of this interim announcement are being sent to all shareholders.
Further copies of this document are available from the group's registered
office at 2nd Floor, 9 Weekday Cross, Nottingham, NG1 2GH.