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Voss Net PLC (VOS)

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Tuesday 16 April, 2002

Voss Net PLC

Final Results

Voss Net PLC
16 April 2002

                                  VOSS NET PLC

    PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001



CHAIRMAN'S STATEMENT

Last year was ultimately very difficult for your company, culminating in the
suspension of trading in the shares in October, followed by the refinancing
announced in November which was successfully completed shortly after the year
end, raising £230,000 net of expenses. We have made good progress since then in
providing training under the Learndirect initiative and we are now running two
centres - in London and in Surrey.

The refinancing followed an important shift in the Company's business during
2001, where we changed our main focus to training, delivering internet and IT
courses to over 3500 people between February and October. The majority of our
customers were, however, financially supported by the Government's Individual
Learning Account scheme which was summarily terminated in October, contrary to
all earlier indications. The unexpected termination of this scheme was a severe
setback for your Company, and that is why we needed to carry out a significant
cost reduction programme and the refinancing.

We had already started investigating ways of broadening our training activities
and we started operating a Learndirect Centre in London in November 2001,
working in partnership with City and Islington College. This was done on a trial
basis with a target of enrolling 100 students up to the end of December. That
target was exceeded, which led to our agreement with City and Islington College
being extended, and we are currently working towards a longer term agreement for
the operation of this Centre.

In March 2002, we started operating another Learndirect Centre in Egham, Surrey,
in partnership with Strode's College. Results to date for this centre have been
very satisfactory.

Internet Business

As announced at the time of the refinancing in November, we took the decision
that we would withdraw from our internet businesses and concentrate on training.
The first step was the disposal of our Herald web site business which was sold
in November for £50,000. We will exit from our remaining internet business at
the earliest opportunity.

Sigma Freight Systems

This business, producing software systems principally for the freight forwarding
industry, had a much improved second half, having achieved a number of new
orders. Progress has been maintained in the current year with new business
continuing at a satisfactory level.

Financial

The loss before tax for the year amounted to £1.022 million on turnover of
£921,368. Your directors do not recommend the payment of a dividend. These
results were significantly affected by our decision to exit from the internet
business and particular factors included:


  • The writing off of all capitalised research and development of £208,000

  • The writing off of the value of our internet system subsidiary, Iposs
    Limited, amounting to £174,000

  • The writing down of the carrying value of Sigma Freight Systems by
    £152,000 to reflect both the performance of that business as well as the
    general reduction in valuations of internet and software businesses over the
    last year

  • The redundancy costs incurred as part of the cost reduction programme



Outlook

Our two Learndirect Centres have performed well and we have enrolled over 500
students between 19 November 2001 and the end of March 2002 with resulting
revenues of approximately £90,000 for that period from our training activities.
Based on current trends, we expect our training business to establish
profitability in the next few months, thereby giving us firm foundations for
expanding and broadening our training activities further.



Barry O'Connell

15 April 2002





GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2001

                                                                               2001                 2000

                                                                                £                    £
Turnover                                                                     921,368              640,274
Cost of sales                                                                556,858              301,258
                                                                             _______              _______
Gross profit                                                                 364,510              339,016
Administrative expenses                                                     1,414,827             936,544
                                                                             _______              _______
Operating loss                                                             (1,050,317)           (597,528)
Exceptional items
(Loss)/profit on sale of business                                            (28,550)              50,000
Hire purchase creditor write off                                              62,547                 -
Long-term contract costs overprovision                                        40,000                 -
Amount written off investment                                                (10,000)                -
Loss on scrapping of defunct computer equipment                              (35,223)                -
Irrecoverable balance of deferred consideration on sale of subsidiary           -                 (84,295)
undertaking
                                                                             ________             _______
Loss on ordinary activities before interest                                (1,016,543)           (631,823)
Interest payable - net                                                         630                 7,810

                                                                             _______              _______
Loss on ordinary activities before taxation                                (1,022,173)           (639,633)
Taxation on loss on ordinary activities                                       18,000                 -

                                                                             _______              _______
Deficit for the year                                                       (1,004,173)           (639,633)

                                                                             _______              _______
Loss per share
Basic                                                                        (12.81p)             (9.42p)
Adjusted                                                                     (13.18p)             (8.92p)

                                                                            _________            _________



The above figures include a discontinued business, details of which are given in
note 2.

The group has no gains or losses other than the losses for the above two
financial years.



RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS
                                                                            2001                 2000
                                                                           Group                Group
                                                                             £                    £
Loss for the financial year                                             (1,004,173)           (639,633)
Issues of share capital                                                   125,000              875,000
Expenses of issues of share capital                                        ( - )               (71,741)
                                                                          ________             _______
(Decrease)/increase in equity shareholders' funds                        (879,173)             163,626
Opening equity shareholders' funds
At 1 January 2001                                                         889,008              725,382
                                                                          ________             _______
Closing equity shareholders' funds at 31 December 2001                     9,835               889,008
                                                                          ________             _______



GROUP BALANCE SHEET AT 31 DECEMBER 2001
                                                                  2001                             2000
                                                                   £                                £
Fixed assets
Intangible fixed assets                                         162,500                          697,926
Tangible fixed assets                                            27,774                           99,159
Investment                                                         -                              10,000
                                                                _______                          _______
                                                                190,274                          807,085
Current assets
Debtors                                         129,406                          382,359
Cash at bank and in hand                        68,993                           108,445
                                                _______                          _______
                                                198,399                          490,804
Creditors: amounts falling
Due within one year                             378,838                          360,502
                                                _______                          _______
Net current (liabilities)/assets                               (180,439)                         130,302
                                                                _______                          _______
Total assets less current liabilities                            9,835                           937,387

Creditors: amounts falling
Due after more than one year                                       -                              48,379
                                                                _______                          _______
                                                                 9,835                           889,008
                                                                _______                          _______
Capital and reserves
Called up share capital                                         397,960                          370,182
Share premium account                                          3,832,081                        3,734,859
Profit and loss account                                       (4,220,206)                      (3,216,033)
                                                                ________                         ________
Equity shareholders' funds                                       9,835                           889,008
                                                                ________                         ________



Pro forma Group balance sheet

31 December 2001

On 3 January 2002, Voss Net completed the placing of 25,550,000 new ordinary
shares of 1p each at par. If the placing had been completed by 31 December 2001,
the pro forma group balance sheet would have been as follows:
                                                                                                 2001
                                                                             £                     £
Fixed assets
Intangible fixed assets                                                                         162,500
Tangible fixed assets                                                                           27,774
                                                                                                _______
                                                                                                190,274
Current assets
Debtors                                                                   120,512
Cash at bank and in hand                                                  293,002
                                                                          _______
                                                                          413,514
Creditors: amounts falling
Due within one year                                                       364,097
                                                                          _______
Net current assets                                                                              49,417
                                                                                                _______
Total assets less current liabilities                                                           239,691
                                                                                                _______
Capital and reserves
Called up share capital                                                                         652,960
Share premium account                                                                          3,806,937
Profit and loss account                                                                       (4,220,206)
                                                                                               ________
Equity shareholders' funds                                                                      239,961
                                                                                                _______

GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001
                                                                         2001                        2000
                                                            £              £             £             £
Net cash outflow from operating activities                             (141,977)                   (545,607)

                                                                       
Returns on investments and servicing of finance
Interest received                                           -                          1,003
Interest paid                                               -                         (1,524)
Interest on hire purchase and                             (630)                       (7,289)
Finance lease contracts
                                                         _______                      _______

                                                                         (630)                      (7,810)
Taxation                                                                18,000                         -

Purchase of intangible fixed assets                      (75,000)                    (150,000)
Purchase of tangible fixed assets                        (7,758)                     (36,938)
Sale of tangible fixed assets                             4,500                         900
Investment                                                  -                        (10,000)
                                                         _______                      _______
                                                                       (78,258)                    (196,038)

Acquisition and disposal
Purchase of subsidiary undertaking                          -                        (533,660)
Sale of business activity                                 48,000                      50,000
Cash at bank acquired with subsidiary                       -                         383,660
                                                         _______                      _______
                                                                        48,000                     (100,000)
                                                                        _______                     _______

                                                                       (154,865)                   (849,455)

Cash outflow before use of financing
Financing
Issues of share capital                                  125,000                      700,000

Expenses of issues of share capital                         -                        (71,741)

Hire purchase and finance lease contracts                (9,597)                       1,695
                                                         _______                      _______
                                                                        115,413                     629,954
                                                                        _______                     _______

Decrease in cash in the year                                           (39,452)                    (219,501)
                                                                        _______                     _______
Reconciliation of net cash flow to movement in net
funds
Decrease in cash in the year                                           (39,452)                    (219,501)
Cash outflow/(inflow) from decrease/(increase) in                        9,587                      (1,695)
debt
                                                                        _______                     _______

Change in net funds resulting from cashflows                           (29,865)                    (221,196)
Hire purchase creditor write off                                        62,547                         -
Net funds at 1 January 2001                                             36,311                      257,507
                                                                        _______                     _______

Net funds at 31 December 2001                                           68,993                      36,311
                                                                        _______                     _______

NOTES

1. Loss per share

The basic loss per share is calculated by dividing the loss for the financial
year by the weighted average number of ordinary shares in issue during the
financial year. An adjusted loss per share has also been calculated to exclude
the impact of exceptional items as follows:
                                                                              2001                2000
                                                                                £                   £
       Loss for the financial year                                         (1,004,173)          (639,633)
       Exceptional items:-
       Loss/(profit) on sale of business                                     28,550             (50,000)
       Hire purchase creditor write off                                     (62,547)                -
       Long term contract costs overprovision                               (40,000)                -
       Amount written off investment                                         10,000                 -
       Loss on scrapping of defunct computer equipment                       35,223                 -
       Irrecoverable balance of deferred consideration
       on sale of subsidiary undertaking                                        -                84,295
                                                                             _______             _______
       Adjusted loss for the financial year                                (1,032,947)          (605,338)
                                                                             _______             _______

                                                                               No                  No
       Weighted average number of shares                                    7,837,431           6,786,838
                                                                            ________            ________


       Loss per share (pence)
       Basic loss per share                                                 (12.81p)             (9.42p)
       Exceptional items:-
       Loss/(profit) on sale of business                                      0.36p              (0.74p)
       Hire purchase creditor write off                                      (0.80p)                -
       Long-term contract costs overprovision                                (0.51p)                -
       Amount written off investment                                          0.13p                 -
       Loss on scrapping of defunct computer equipment                        0.45p                 -
       Irrecoverable balance of deferred consideration                                              -
       on sale of subsidiary undertaking                                        -                 1.24p
                                                                             ______              ______
       Adjusted loss per share                                              (13.18p)             (8.92p)
                                                                             ______              ______

2. Operating loss

For 2001, operating loss was attributable to continuing and discontinued
operations as follows:
                                                               Continuing      Discontinued        Total
                                                                   £                 £               £

      Turnover                                                  899,477           21,891          921,368
      Cost of sales                                             548,989            7,869          556,858
                                                                _______           _______         _______
      Gross profit                                              350,488           14,022          364,510
      Administrative expenses                                 (1,409,827)            -          (1,409,827)
                                                                ________         ________         ________
      Operating (loss)/profit                                 (1,059,339)         14,022        (1,045,317)
                                                                ________         ________         ________

For 2000, operating loss was attributable to continuing, acquired and
discontinued operations as follows:
                                                              Continuing      Discontinued         Total
                                                                   £                £                £
     Turnover                                                   611,619          28,655           640,274
     Cost of sales                                              274,977          26,281           301,258
                                                                _______          _______          _______
     Gross profit                                               336,642           2,374           339,016
     Administrative expenses                                   (936,544)            -            (936,544)
                                                                _______          _______          _______
     Operating (loss)/profit                                   (599,902)          2,374          (597,528)
                                                                _______          _______          _______

3. Financial Information

The financial information contained in this preliminary announcement of audited
results does not constitute the group's statutory accounts for the years ended
31 December 2001 or 31 December 2000. The accounts for the year ended 31
December 2000 have been delivered to the Registrar of Companies.

The statutory accounts for the years ended 31 December 2001 and 2000 have been
reported on by the company's auditors; the reports on these accounts were
unqualified and they did not contain any statement under section 237(2) or (3)
of the Companies Act 1985.

The accounts for the year ended 31 December 2001 are expected to be posted to
shareholders in due course and will be delivered to the Registrar of Companies
after they have been laid before the company in a general meeting on 6 June
2002. Copies will be available from the registered office of the company, 5
Waterside Drive, Langley, Berkshire, SL3 6EZ.

END



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