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Voss Net PLC (VOS)

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Thursday 13 September, 2001

Voss Net PLC

Interim Results

Voss Net PLC
13 September 2001


FOR IMMEDIATE RELEASE                                         13 September 2001



                                 Voss Net plc

                 RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2001


Voss Net plc ('Voss Net') has announced its unaudited results for the six
months ended 30 June 2001.

Key points :

-  Responding to changes within its marketplace, Voss Net has successfully
   launched internet training services which have contributed substantially to
   revenue during Q2.

-  Turnover for the half year more than doubled to £483,000 (2000 : £235,0000).

-  The loss before tax reduced to £277,000 (2000 : £292,000) and the loss
   per share was lower at 3.36p (2000 : 4.74p).

-  Demand for internet training services is strong, helped by Government
   initiatives.

-  Voss Net has established telesales and administrative systems to drive
   turnover growth in training.

-  Herald 'web site in a box' product now has some 3,000 live sites with
   conversion from free trials to paying customers running slightly ahead of
   expectations.

-  Although Sigma Freight Systems incurred a loss in the first half, a much
   improved performance is expected in the second half as a result of new
   management, reduced costs and an emphasis on marketing.

-  On outlook, Chairman, Barry O'Connell stated :


'To date, we have trained over 2,500 people and we are increasing further our
sales and training personnel to promote further growth. We will also look to
extend the range of courses we offer where we can add value through our
in-house knowledge and skills.   Overall, we look forward to improved
performance in all our  main business areas in the second half of the year.'


For further information, please contact :


Voss Net                                                           01753-737800

Jeremy Gilbert, Chief Executive
Robert Burns, Finance Director

Buchanan Communications                                           020-7466 5000

Steve Liebmann or Catherine Miles



                           CHAIRMAN'S STATEMENT

Voss Net has made solid progress through the first half of the year. The
significant increase in turnover has arisen from our growing internet training
activities which now make up the bulk of our business. Our first training
courses were held at the end of February with income being accounted for from
March, so the progress made is only partially reflected in these half year
figures.  This business has been established as a fully commercial activity
for which demand is strong.

Results

Turnover for the six months to 30 June 2001 more than doubled to £483,000
(2000 : £235,000) and exceeded the level achieved during the second half of
2000 - a period in which the company benefited from a significant one-off
contract.  The growth in turnover is particularly pleasing given the fact our
new training business contributed properly for only four months during the
period.  The loss before tax was reduced to £277,000 (2000 : £292,000) and the
loss after tax was £259,000 (2000 : £292,000).  The loss per share was 3.36p
(2000 : 4.74p).

Training

Having started with our own commercial internet course, we have expanded into
other recognised internet and IT courses which have been well received. Demand
for these courses is strong and in line with Government aims to expand post
school training in these areas. In addition, government grants are available
to individuals which help us in promoting our courses.

In order to take advantage of the potential for this market, Voss Net has
established telesales activities in our head office in Langley (near Slough)
and in two other locations. Investment has also been made in administrative
systems and training staff so as to provide the necessary support for growth
in this activity.

Our knowledge in the internet field, coupled with our experienced teachers,
makes us well placed to deliver high quality training to our customers.

We are discussing partnerships with universities and colleges to deliver our
courses on a joint basis, as we see this offering good opportunities for
further growth.

Herald

We continue to offer Herald web sites on free trial to our training customers
and we now have some 3,000 live Herald sites. The initial free trial periods
are now starting to expire and the number of customers choosing to continue
with their sites on a paying basis is slightly ahead of our expectations,
although it is still early days.

Sigma

Major changes have taken place at our subsidiary, Sigma Freight Systems,
following a first half loss of £78,000. A new managing director has been
appointed, costs have been reduced and full emphasis has been placed on sales
and marketing. Sales are now being achieved and losses have been stemmed. We
expect a much improved performance in the second half.

Outlook

To date, we have trained over 2,500 people and we are increasing further our
sales and training personnel to promote further growth. We will also look to
extend the range of courses we offer where we can add value through our
in-house knowledge and skills.  Overall, we look forward to improved
performance in all our  main business areas in the second half of the year.


Barry O'Connell                        12 September 2001
Chairman




UNAUDITED GROUP PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 30 JUNE 2001


                                            Note Unaudited Unaudited    Audited
                                                 Half year half year       Year
                                                     ended     ended      ended
                                                 30.6.2001 30.6.2000 31.12.2000
                                                         £         £          £

Turnover                                           483,810   234,540    640,274
Cost of sales                                      247,774    67,141    301,258


Gross profit                                       236,036   167,399    339,016
Net operating expenses                             509,450   453,968    936,544

Operating loss                                   (273,414) (286,569)  (597,528)

Exceptional items
Irrecoverable balance of deferred
consideration on sale of subsidiary
undertaking                                              -         -   (84,295)
Profit on sale of business                               -         -     50,000

Loss on ordinary activities before 
interest                                         (273,414) (286,569)  (631,823)
Interest payable - net                               3,574    5,361       7,810


Loss on ordinary activities before taxation      (276,988) (291,930)  (639,633)
Taxation on loss on ordinary activities        2    18,000         -          -

Deficit for the period                           (258,988) (291,930)  (639,633)


Loss per share                                     (3.36p)   (4.74p)    (9.42p)


Loss per share before exceptional items            (3.36p)   (4.74p)    (8.92p)



The group has no gains or losses other than the losses for the above periods.



UNAUDITED GROUP BALANCE SHEET
30 JUNE 2001


                                           Unaudited    Unaudited      Audited
                                           30.6.2001    30.6.2000   31.12.2000
                                                   £            £            £

Fixed assets
Intangible fixed assets                      656,332      696,529      697,926
Tangible fixed assets                         85,061       85,141       99,159
Investment                                    10,000            -       10,000

                                             751,393      781,670      807,085

Current assets
Debtors                                      221,021      447,983      382,359
Cash at bank and in hand                     127,741      620,911      108,445

                                             348,762    1,068,894      490,804

Creditors: amounts falling
due within one year                          300,922      565,113      360,502

Net current assets                            47,840      503,781      130,302

Total assets less current liabilities        799,233    1,285,451      937,387

Creditors: amounts falling
due after more than one year                  44,213      48,724        48,379

                                             755,020    1,236,727      889,008

Capital and reserves
Called up share capital                      397,960      370,182      370,182
Share premium account                      3,832,081    3,734,875    3,734,859
Profit and loss account                  (3,475,021)  (2,868,330)  (3,216,033)

Equity shareholders' funds                   755,020    1,236,727      889,008



RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS


Loss for the financial period              (258,988)    (291,930)    (639,633)
Issues of share capital                      125,000      875,000      875,000
Expenses of issues of share capital                -     (71,725)     (71,741)

(Decrease)/increase in equity              (133,988)      511,345      163,626
shareholders' funds

Opening equity shareholders' funds
at 1 January                                 889,008      725,382      725,382

Closing equity shareholders' funds at
30 June/ 31 December                         755,020    1,236,727      889,008



The interim accounts were approved by the Board on 12 September 2001.



UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2001


                                            Note Unaudited Unaudited    Audited
                                                 Half year half year       Year
                                                     ended     ended      ended
                                                 30.6.2001 30.6.2000 31.12.2000
                                                         £         £          £
Net cash outflow from
operating activities                           4  (59,560) (439,458)  (545,607)

Returns on investments
And servicing of finance
Interest received                                        -       636     1,003
Interest paid                                            -   (2,575)    (1,524)
Interest on hire purchase and
finance lease contracts                            (3,574)   (3,422)    (7,289)

                                                   (3,574)   (5,361)    (7,810)

Capital expenditure and financial
investment
Purchase of intangible fixed assets               (37,500) (100,000)  (150,000)
Purchase of tangible fixed assets                  (4,138)  (14,492)   (36,938)
Sale of tangible fixed assets                            -       900        900
Investment                                               -         -   (10,000)

                                                  (41,638) (113,592)  (196,038)

Acquisition and disposal
Purchase of subsidiary undertaking                       - (533,660)  (533,660)
Sale of business activity                                -         -     50,000
Cash acquired with subsidiary                            -  383,660     383,660

                                                         - (150,000)  (100,000)

Cash outflow before use of
financing                                        (104,772) (708,411)  (849,455)

Financing
Issues of share capital                            125,000   700,000    700,000
Expenses of issues of share capital                      -  (71,725)   (71,741)
Hire purchase and finance lease contracts            (932)   (2,627)      1,695

                                                   124,068   625,648    629,954

Increase/(decrease) in cash
in the period                                  5    19,296  (82,763)  (219,501)



NOTES


1  Full accounts

The comparative figures for the financial year ended 31 December 2000 are not
the company's statutory accounts for that financial year. Those accounts have
been reported on by the company's auditors and delivered to the Registrar of
Companies.  The report of the auditors was unqualified and did not contain a
statement under section 237 (2) or  (3) of the Companies Act 1985.


2  Taxation

The tax credit relates to payments received after 30 June 2001 from the Inland
Revenue in respect of tax relief claims for research and development
expenditure in the year ended 31 December 2000.

Subject to agreement with the Inland Revenue there are tax losses of
approximately £2,647,000 at 31 December 2000 available to carry forward
against future trading profits. In addition, there are capital losses of
approximately £399,000 available to offset against future capital gains of the
company.


3  Loss per share

The calculation of loss per ordinary share is based on a loss of £258,988
(2000 : £291,930) and 7,713,647 ordinary shares (2000 : 6,163,256), being the
weighted average number of ordinary shares in issue during the period.


4  Reconciliation of operating loss to net cash outflow from operating
activities


                                         Half year        Half year        Year
                                             ended            ended       ended
                                         30.6.2001        30.6.2000  31.12.2000
                                                 £                £           £

Operating loss                           (273,414)        (286,569)   (597,528)
Amortisation of intangible assets           79,094           38,499     87,102
Depreciation charges                        18,236           27,197     35,625
Profit on sale of tangible fixed assets          -            (899)       (899)
Decrease/(increase) in debtors             179,338         (32,890)    (51,561)
Decrease in creditors                     (62,814)        (184,796)    (18,346)

                                          (59,560)        (439,458)   (545,607)



5  Analysis of changes in net funds

                                     Net funds                       Net funds
                                            at                              at
                                    31.12.2000       Cash flow       30.6.2001
                                             £               £               £

Cash at bank and in hand               108,445          19,296         127,741
Debt due within one year              (23,755)         (3,234)        (26,989)
Debt due after one year               (48,379)           4,166        (44,213)

                                        36,311          20,228          56,539



6  Interim report

Copies of the interim report will be sent to shareholders shortly.  Additional
copies may be obtained from the Company's registered office at 5 Waterside
Drive, Langley, Berkshire, SL3 6EZ.