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Technology&Internet (YSP)

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Monday 30 April, 2001

Technology&Internet

Interim Results

Technology & Internet Prop Serv PLC
30 April 2001


EMBARGOED UNTIL 0700HRS MONDAY 30th APRIL 2001


    TECHNOLOGY & INTERNET PROPERTY SERVICES PLC ('TIPS' OR 'the Company')

      Unaudited Interim Results for the Period Ended 31st January 2001.



Highlights

*       Loss for the period of £80,000 (0.14p per share), in line with
        expectations.
*       Purchased first property in Frampton Street.
*       Cash at bank £4.2 million.

Chairman's Statement


Financial Results

I am pleased to report on the Company's first Interim results since its
admission to AIM in November 2000.  These are for the period to 31st January,
2001, which is not the Company's normal half-year, and have been prepared in
compliance with the AIM Rules as the financial information included in the
prospectus dated 25th October, 2000 included results to 31st July, 2000.

During the period ending 31st January, 2001, the Company incurred a loss
before taxation of £80,000.

In December 2000, we acquired our first property since admission to AIM which
is at 85 Frampton Street, situated in Marylebone, London NW8, and comprises
15,600 sq.ft of high-tech office accommodation leased to Psion plc.

Outlook

With due regard to the current market position, we are negotiating on further
opportunities which would be of benefit to the Company.

I look forward with great confidence to the future and very much believe that
we have a well defined strategy to grow the Company significantly over the
coming years.

David Berry
Non-executive Chairman

For further information please contact:-

David Berry                         Tel: 01753 884275
Non-executive Chairman
Adam Reynolds/Takki Sulaiman        Tel: 020 7735 9415 / 07778 419218
Hansard Communications


Consolidated Profit and Loss Account (unaudited)
For the period ended 31 January 2001

                                                                          £'000

Income                                                                      65
Administrative Overheads                                                  (116)

Net Operating Loss                                                         (51)
Net Interest Payable                                                       (29)

Loss on Ordinary Activities before Taxation                                (80)
Tax on loss on ordinary activities                                            -

Loss on Ordinary Activities After Taxation                                 (80)

Loss per Share                                                            Pence
Basic                                                                    (0.14)



Consolidated Balance Sheet (unaudited)
As at 31 January 2001
                                                                          £'000

Fixed Assets                                                              5,746

Current Assets
Debtors                                                                     352
Cash at Bank and in Hand                                                  4,223
                                                                          4,575

Creditors
Amounts falling due within one year                                       (270)

Net Current Assets                                                        4,305

Total Assets less Current Liabilities                                    10,051

Creditors: Amounts falling due after more than one year                 (4,600)

Net Assets                                                                5,451

Capital and Reserves
Called up Share capital                                                   1,463
Share premium account                                                     4,068
Profit and Loss Account                                                    (80)

Equity Shareholders' funds                                                5,451



Consolidated Cash Flow Statement (unaudited)
For the period ended 31 January 2001
                                                                          £'000

Net cash outflow from operating activities                                (218)

Return on investment and servicing of finance
Interest payable                                                     11
Interest received                                                  (40)
Net cash outflow from return on investments and servicing of               (29)
finance
                                                                          (247)
Acquisition and disposal
Purchase of Subsidiary undertaking (net of cash acquired)        (1061)

Net cash outflow for acquisition and disposal                           (1,061)

Net cash outflow before management of liquid resources and              (1,308)
financing

Financing
Issue of Ordinary Share capital - net proceeds                    6,054
Payment to issue costs                                            (523)   5,531


Increase in cash in the period                                            4,223


Notes to the Interim Results



1.       Basis of Preparation

         The information in this Interim Report is unaudited and does not
         constitute statutory accounts within the meaning of Section 240 of the
         Companies Act 1985 (as amended).

2.       Basis of Consolidation

         The unaudited consolidated accounts for Technology and Internet
         Property Services incorporate the results of Technology and Internet   
         Property Services and its subsidiary undertaking using the acquisition 
         accounting method. The result of the subsidiary undertaking is included
         from the date of acquisition.

3.       Loss per Share

         The loss per share for the period ended 31 January 2001 has been
         calculated on the basis of the loss after taxation for the period of   
         £80,000 and the weighted average number of shares in issue during the  
         period of 57,014,340. There is no dilutive effect of options granted   
         due to the average fair price of the shares during the period being    
         less than the exercisable price of those options.

4.       Reconciliation of movement in shareholders' funds


                                                                          £'000
         Proceeds from shares issued in the period                        6,054
         Placing costs offset against share premium                       (523)
         Loss for the period                                               (80)

          Shareholders' Funds                                             5,451

5.       Net cash outflow from operating activities

                                                                          £'000
         Operating loss                                                    (51)
         Increase in debtors                                              (350)
         Increase in creditors                                              182
         Amortisation of goodwill                                             1

          Net cash outflow from operating activities                      (218)


6.        Reconciliation of net cash flow to movement in net funds


                                   11 May    Cash    Other non-cash  31 January
                                     2000    flow           changes        2001
                                    £'000   £'000             £'000       £'000
         Cash in hand and bank          -   4,223                 -       4,223
         Debt:
         Debts falling due              -       -           (4,600)     (4,600)
         after one year

          Net debt as at 31             -   4,223           (4,600)       (377)
         January 2001


7.      Analysis of changes in net funds

                                                                          £'000
        Increase in cash                                                (4,223)
        Non cash changes in long term loan                              (4,600)

        Movement in net debt in the period                                (377)
        Opening net debt                                                      -

        Closing net debt                                                  (377)


8.      Purchase of subsidiary undertaking

                                                                          £'000
        Net assets acquired at acquisition:
        Tangible assets                                                   5,600
        Debtors                                                               2
        Creditors                                                          (87)
        Cash in hand and at bank                                            106
        Long term creditors                                             (4,600)
        Goodwill on acquisition                                             146

         Total consideration                                              1,167

         Discharged by:
         Cash                                                             1,167



9.     Dividends

       No dividend is proposed for the period ended 31 January, 2001.


10.     Taxation

        On the grounds that losses have been made there is no taxation
        charged on the profit and loss account in the period

11.     Copies of the Interim results will be sent to shareholders in due
        course and will be available from 72-75 Marylebone High Street, London  
        W1U 5JW.

For further information please contact:-

David Berry                         Tel: 01753 884275
Non-executive Chairman
Adam Reynolds/Takki Sulaiman        Tel: 020 7735 9415 / 07778 419218
Hansard Communications