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West 175 Media Grp (WEP)

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Thursday 13 December, 2001

West 175 Media Grp

Interim Results-Replacement

West 175 Media Group Inc
13 December 2001


The issuer advises that the following replaces the 'Interim Results'
announcement released today at 12:35 under RNS Number 6447O.

In the Consolidated Balance Sheet, the called up share capital for the 6
months to 30.09.01 should read 38,651,694 and not 28,651,694 as previously
shown.  All other details remain unchanged.  The full corrected version is
shown below.



                          WEST 175 MEDIA GROUP INC.


                               INTERIM RESULTS

                 FOR THE 6 MONTH PERIOD TO 30 SEPTEMBER 2001



West 175 Media Group Inc., ('West'), the international multimedia group listed
on AIM, announces Interim Results for the six months to 30 September 2001.



Operating subsidiaries are in the USA, New Zealand and the UK, in Programme
production and sales ('lifestyle' programmes, such as cookery programmes based
around 'celebrity' chefs, including Masterchef and Great Food BBC
co-production, now expanded to World Wildlife, real estate and DIY); media
event management (bespoke services in the UK and Europe); and, broadcasting
and communications (local TV stations and radio, ISP and broadband in New
Zealand).



Highlights of the six months to 30 September 2001



Financial

  * Revenues up 36% to US$3.36m

     -    Content Provision US$1.31m (US$120,899). (Production, Cookbook        
          Awards).

     -    Content Delivery US$2.03m (unchanged).  (Events, TV, radio stations,  
          ISP/Broadband, Retail).

  * Gross profit up 3% to US$ 1.67m
  * Operating loss of US$ 3.8m shows marked improvement as a percentage of
    revenue with development projects starting to generate revenue
  * Reduction of corporate overheads, write off of all production costs



Operating

  * Growth from the US and New Zealand interests
  *  'Dream Home' NZTV production again achieves high ratings, programme
    sold to Germany & Benelux; UK distribution deal; US PBS deal under
    negotiation
  * US TV production company into profit against US$1.1m loss in prior
    period and ahead of budget
  * TV advertising sales continues to show increases on West's 3 TV
    stations, no indication of slowing
  * Third quarter improvement at Events Division, reversing first half
    down-turn in revenues
  * Entry into Europe in Events, via acquisition
  * Increased revenues from ISP and Broadband operations
  * Actrix Internet Provider increases paid subscriber base from 3,500 to
    35,000
  * Company well positioned in its core markets
  * Divisional restructuring
  * Management team and asset base strengthened



Regarding Prospects, John McEwen, Chairman, said:



'West now has a strong management team internationally and is well positioned
to capitalise on the opportunities that it has identified.  The Group has gone
through a major restructuring throughout the year, and this is now beginning
to yield results.  We have continued to reduce our corporate overhead costs
and write off all production costs.'



For more information, please contact:



West 175 Media Group, Inc.

John McEwen, Chairman and Chief Executive                   020 7478 5160
Mobile: 07901 556 766

Paul Burton, Finance Director                               020 7287 5110 
Mobile: 07768 065 659



Binns & Co PR Ltd

Peter Binns, Paul McManus, Caroline Anderson               020 7786 9600


INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2001

Chairman's Statement



The revenue of West 175 Media Group Inc. ('West') for the six months 30th
September 2001 rose 36% to US$3,353,319 compared with the same period last
year (2000 - US$2,163,153).



The growth is being achieved from West's US and New Zealand interests and are
described in more detail below.



Gross profit improved by US$571,000. However, US$232,000 additional net
revenue committed in the first half from sponsorship in the USA is not able to
be recognised until the second-half.



Television advertising sales have increased 15% in a sector experiencing
declining activity.



Operating losses of US$3,858,000 (2000-US$3,360,000) for the first six months
show a marked improvement as a percentage of revenue (115%) compared with the
first six months of the previous year (2000 - 155%) due to projects previously
in development starting to generate revenue.



West's UK events division was hard hit with a sharp industry down-turn during
the first half of the year.  However, the second half of the year has shown a
marked improvement.



The directors are aware that business confidence particularly in the US has
been low for the past few months and is only likely to recover slowly in the
second half of the financial year. This affects the directors' ability to
forecast the timing of sponsorship revenues accurately.



The directors have decided to give the detailed review of West by activity
rather than, as previously, by geographical area. They believe that this more
accurately reflects the development of West and its present international
operations.



SUMMARY OF SECTOR ACTIVITIES



1. CONTENT PROVISION



Revenue for this sector for the 6 months to 30th September 2001 was
US$1,314,826 (2000- US$120,899).



1)         NINOX 175 (NZ)



Dream Home - this series on home renovation, a format created by Ninox 175, is
into its 3rd season in New Zealand, receiving the highest ratings in the
household shoppers' segment of the New Zealand television market and we
believe we could have a major winner in the global television format market.



Now being licenced internationally, Ninox 175 will receive net income from
format and consultants' fees. Productions like Popstars and Survivor are a
guideline to the potential success of the format business. Option fees have
been received from Germany and the Benelux and a distribution deal has been
concluded with Action Time in the UK which is in negotiations on our behalf
with six other countries.



In the USA, West 175 Productions is in negotiations with sponsors to licence
the series on PBS in America. In the UK, Action Time UK has joint ventured
with Ninox 175 for the UK market and negotiations are underway with major
broadcasters in the UK.



In addition, Ninox 175 is finalising its contract with the TVNZ network for
the 3rd season of its real estate programme, Location, Location, Location
which in the last season captured 61% of all viewers in New Zealand.


2)         WEST 175 PRODUCTIONS (USA)



Profit before tax for the US operations as at 30 September 2001 was US
$110,665 (2000 - US$1,112,361 loss). Ahead of budget this year, the company
continues to produce Great Food (a BBC co-production) and has increased its
sponsorship in this series with the addition of a major cheese brand in the
US.



Cucina Amore and Masterchef are in pre-production for next financial year,
with sponsorship negotiations underway.



To broaden our base in the US, we have extended our production slate and are
in negotiations with cable channels for fully funded commission of new series
developed by West 175 Productions.   These series will help the regularity of
West US's cash flow, reducing our dependence on PBS alone.



Dream Home is being licenced in the US by West 175 Productions and
negotiations are underway with sponsors for this series.  We continue to
distribute World Of Wildlife for Sunset & Vine UK and our sponsor, Champagne
Gosset, has brought this series into profit.  Other series are in preliminary
development.



3)         WORLD COOKBOOK AWARDS (EUROPE)



Purchased from SPA Madrid in April 2001, the first major event, managed by
West Media Events (UK), was held last week in France under a newly developed
brand, the 'Gourmand Award'.  Approximately 300 delegates paid their own way
to Perigueux to receive their respective awards, presented at an Awards Dinner
funded by the local region.



Discussions are underway for a global television series around the awards.
This awards acquisition is in line with our strategy to own branded awards and
to strengthen our position as a leader in food media.



4)         UNION 175 (UK)



Development in the production divisions continues and in the first half of
this year Masterchef was screened in the UK



We anticipate continued growth from this sector of the Group with additional
revenue coming from sales of completed shows internationally.





2. CONTENT DELIVERY



Revenue from this sector for the 6 months to 30th September 2001 was US
$2,038,000(2000 - US$2,036,000).  Growth was affected by a sharp down-turn at
West Media Events (UK) as mentioned previously.  The New Zealand sectors all
showed increased trading for the same period.



1)         WEST MEDIA EVENTS LIMITED (UK)





Revenue for this historically profitable division was US $697,955 (2000 -
US$1,051,443). The shortfall was predominantly due to an industry sector
decline in the UK.



Bookings in the second half indicate a sharp recovery and we are confident
that this company will reduce its first half loss significantly by the
year-end.  To strengthen further its position, it recently completed the
purchase of a personnel agency in the UK which provides 'front-of-house' staff
and hostesses for corporate and hospitality events.  This acquisition was
funded from West Media Events' own internal resources and increases
significantly the company's client base.


2)         TV AND RADIO STATIONS (NZ)



Revenues for the 6 months to 30th September 2001 were US $653,009 (2000 -
US$566,940), an increase of 15%.  West's three television stations are
continuing to show a healthy increase in advertising sales revenue and are
forecast to be cash positive in the next financial year.



The financial model West 175 Media (NZ) has developed for local television
stations is starting to work and we are confident that we can duplicate this
in the UK and other parts of the world.



The performance of the radio station, Canterbury on Air has been disappointing
over its first 12 months of trading and has necessitated economies in the
overhead. However, the Directors are confident that the combined media
presence in the Christchurch local market will prove successful.



3)         ISP AND BROADBAND DIVISION (NZ)



The two constituents of this division are Actrix Networks Limited and
Connections Inc. Limited. Revenue for the first half of the year was US
$656,501 compared with US $418,492 last year.  Whilst this result shows a 57%
increase in revenues, the figure was lower than budgeted due to the delay in
establishing our broadband division



Actrix, our internet provider, has had a successful year, having increased its
paid subscriber base from 3,500 at the time of acquisition a year ago to
35,000. Plans are in place to increase the number of subscribers in 2002.
This company is now moving into profitability and we anticipate a regular
growth pattern emerging.



Connections, our broadband division, has started the roll out of last-mile
broadband wireless access from the BCL network, the telecom backbone operator,
in an agreement with local power utilities and E-Services Limited (a company
in which West has a 25% interest).  E-Services Limited has developed
proprietary software for managing multiple services into the home or office
via wireless, fibre or cable.  The working capital for the rollout is being
provided by the power utilities and Connections will receive a fee for
providing access to the backbone. Actrix will also receive a subscription fee.



4)         RETAIL DIVISION (NZ)



The two constituents of this division are Digital Mobile and Central Park
Interactive. In the year ended 31 March 2001, West reported its minority
interests in these two retail chains specialising in new media technology.



Digital Mobile, of which West currently owns 49% and Vodafone 24%, has
budgeted revenues for the year ending 31 March 2002 of US $2,678,000 and
profit before tax of $135,000. It has 9 outlets and is the largest dealer for
Vodafone in New Zealand.  In addition, Vodafone is contracting our stations to
screen advertising, which further underlines the benefits of the association.



Digital Mobile customers will be targeted with Actrix products in the next
financial year so as to maximise revenues within the Group.



Central Park Interactive  (CPI) is the largest retailer of Playstation 2 in
New Zealand and its 14 outlets continue to show strong growth in this sector.
In the middle of next year, Playstation 2 becomes web enabling and Actrix
products will be recommended to all Playstation owners.



On 30 September 2001, West lifted its shareholding from 24% to 75% for a
consideration of US $121,951. CPI is forecast to turnover US$2.5million in
revenue for the year to March 2002 and produce earnings of US$300,000.The
revenues and profits from CPI will be reflected in our consolidated results
for the year ending 31 March 2002.



OUTLOOK



West now has a strong management team internationally and is well positioned
to capitalise on the opportunities that it has identified.  The Group has gone
through a major restructuring throughout the calendar year, and this is now
beginning to yield results.  We have continued to reduce our corporate
overhead costs and write off all production costs.



JOHN McEWEN



13 December 2001



WEST 175 MEDIA GROUP INC.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30th September 2001


                                         Unaudited   Unaudited      Audited
                                        6 months to 6 months to  12 months to
                                         30.09.01    30.09.00      31.03.01
                                            US$         US$           US$



TURNOVER                                  3,353,319   2,163,153       8,699,529
Cost of sales                             1,685,423   1,066,331       3,914,574

Gross profit                              1,667,896   1,096,822       4,784,955

Other operating expenses (net)            5,006,397   4,051,995      10,063,003
Exchange (gains)/losses                      97,227           -         329,127


OPERATING LOSS BEFORE PROGRAMMING AND
DEVELOPMENT COSTS                       (3,435,728) (2,955,133)     (5,607,175)

                                       
Programming and development costs           422,768     404,617       1,933,905


OPERATING LOSS                          (3,858,496) (3,359,790)     (7,541,080)



Share of operating profit in associate       17,546           -          19,935

Share of operating loss in joint          (160,966)           -       (315,041)
venture

Interest receivable                          59,128      58,372         383,745

Interest payable                            (6,359)    (62,509)       (110,427)


LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION                                (3,949,147) (3,363,927)     (7,562,868)
                                        
Taxation                                    (1,215)           -        (56,340)


LOSS ON ORDINARY ACTIVITIES AFTER
TAXATION                                (3,950,362) (3,363,927)     (7,619,208)
                                       


Minority interests                                -           -               -



LOSS ATTRIBUTABLE TO SHAREHOLDERS

                                        (3,950,362) (3,363,927)     (7,619,208)


LOSS PER SHARE                               (0.18)      (0.24)          (0.43)




STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                US$         US$         US$

Loss for the financial period               (3,950,362) (3,363,927) (7,619,208)

Currency translation difference on foreign
currency net investment                         218,231           - (1,046,759)
                                               

Gain on disposal of interest in subsidiary
to minority                                           -           -           -
                                                    

Total recognised gains and losses relating
to the period                               (3,732,131) (3,363,927) (8,665,967)
                                            

Prior year adjustment                                 -           -           -

Total gains and losses recognised since the
last annual report                          (3,732,131) (3,363,927) (8,665,967)
                                            


WEST 175 MEDIA GROUP INC.
CONSOLIDATED BALANCE SHEET
As at 30th September 2001

                                          Unaudited    Unaudited     Audited
                                         6 months to  6 months to  12 months to
                                           30.09.01     30.09.00     31.03.01
                                             US$          US$          US$

FIXED ASSETS
Investments                                 1,831,124    1,653,601    1,236,080
Goodwill                                    6,530,782    2,386,300    6,421,433
Tangible Assets                             3,381,761    2,743,173    3,435,303
Investments in joint ventures                    

- Share of gross assets                        46,558            -       52,894
- Less: Share of gross liabilities          (535,476)            -    (367,864)

                                           11,254,749    6,783,074   10,777,846
CURRENT ASSETS
Stocks                                          7,064      530,176       79,764
Debtors: amounts falling due within one     2,559,877    2,228,054    4,592,601
year
Debtors: amounts falling due after more     1,007,511            -      736,118
than one year
Cash at bank and in hand                    2,626,503   13,677,821    6,372,330

                                            6,200,955   16,436,051   11,780,813

CREDITORS: Amounts falling due within
one year                                    3,575,464    1,961,169    5,602,752
                                           

NET CURRENT ASSETS                          2,625,491   14,474,882    6,178,061

TOTAL ASSETS LESS CURRENT                  13,880,240   21,257,956   16,955,907
LIABILITIES

CREDITORS: Amounts falling due after
more than one year                            196,654      230,626      153,790
                                            

PROVISIONS FOR LIABILITIES AND CHARGES         61,173       61,173       61,173

                                           13,622,413   20,966,157   16,740,944 
  

CAPITAL AND RESERVES
Called up share capital                    38,651,694   36,988,728   38,038,094
Profit and loss account                  (25,029,281) (16,022,571) (21,297,150)
SHAREHOLDERS' FUNDS                        13,622,413   20,966,157   16,740,944
MINORITY INTERESTS                                  -            -            -
                                           13,622,413   20,966,157   16,740,944


RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

Loss for the financial year                 (3,950,362) (3,363,927) (7,619,208)
Common stock issued in the year                 613,600  26,565,597  27,614,963

                                            (3,336,762)  23,201,670  19,995,755

Other gains and losses relating to the year     218,231    (27,461) (1,046,759)
Net addition to shareholders' funds         (3,118,531)  23,174,209  18,948,996
Opening shareholders' funds                  16,740,944 (2,208,052) (2,208,052)
Closing shareholders' funds                  13,622,413  20,966,157  16,740,944



WEST 175 MEDIA GROUP INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30th September 2001

                                      Unaudited     Unaudited      Audited
                                     6 months to   6 months to   12 months to
                                      30.09.01      30.09.00       31.03.01
                                         US$           US$           US$



Cash flow from operating activities   (2,347,728)   (3,511,005)   (10,581,591)

Returns on investments and
servicing of finance                       52,769       (4,137)        273,318
                                           
Taxation                                  (1,215)             -       (56,340)

Capital expenditure and financial       (438,760)   (2,334,705)    (2,692,409)
investment

Acquisitions and disposals            (1,030,384)   (3,976,526)    (1,020,984)

CASH OUTFLOW BEFORE FINANCING         (3,765,318)   (9,826,373)   (14,078,006)

Financing                                  10,973    23,832,584     20,778,726


(DECREASE)/INCREASE IN CASH IN THE
PERIOD                                (3,754,345)    14,006,211      6,700,720
                                      



RECONCILIATION OF NET CASH TO
MOVEMENT IN DEBT
                                         US$           US$           US$


Decrease in cash in the period        (3,754,345)  (14,006,211)      6,700,720
Conversion of loan stock                        -    26,565,597      2,630,522
Repayment of loan                               -   (2,733,013)              -
New finance leases                         32,758             -              -
Cash flow from increase in debt and             -             -        361,024
lease financing
Movement in net debt in period        (3,721,587)     9,826,373      9,692,266

Net cash/(debt) at 31 March 2001        6,222,166   (3,470,100)    (3,470,100)

NET CASH  AT 30 SEPTEMBER 2001          2,500,579     6,356,273      6,222,166



RECONCILIATION OF OPERATING LOSS TO NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
                                            US$          US$           US$


Operating loss                           (3,858,496)  (3,359,750)   (7,541,080)
Depreciation and amortisation                842,355      605,245     1,295,125
Foreign exchange movement                    228,419            -     (870,891)
Decrease in stocks                            72,700    (236,792)       214,258
Decrease/(increase) in debtors             1,741,815    1,503,591     (817,646)
Loss on disposal of fixed assets              17,546            -          897
Decrease in creditors                    (1,392,067)  (2,023,299)   (2,862,254)

Net cash flow from operating activities  (2,347,728)  (3,511,005)  (10,581,591)


The financial information contained in this report dose 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 31 March 2001 are based on
the company's statutory accounts for the financial year on which the auditors
gave an unqualified opinion.  The interim financial information has been
prepared on the basis of accounting policies adopted for the year ended 31
March 2001 as set out in the group statutory accounts.