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Your Space PLC (YSP)

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Thursday 08 August, 2002

Your Space PLC

Final Results

Your Space PLC
08 August 2002

FOR IMMEDIATE RELEASE



                                                                8th August, 2002



                 YOUR SPACE PLC ('Your Space' or 'the Company')

                     Preliminary results for the year ended

                                31st March, 2002




Chairman's statement

Financial Results


The Company incurred a loss before taxation of £612,000.  At the year end, the
Company's net assets were £5.074 million equating to 3.2 pence per share on the
issued share capital at that date.  Cash balances then stood at £1.8 million.



Current Trading

Over the past six months, the Company has expanded significantly by a series of
acquisitions and investments in line with the objectives stated at the
flotation.  In April The Bridge, a 15,000 sq.ft. freehold property at 12-16
Clerkenwell Road, was completed and the first tenants moved during the month.
The launch was well received by the press, shareholders and property
professionals.  The Rt Hon Chris Smith, local MP for Islington Council, attended
the opening and spoke about The Bridge being a quality and ideal environment for
established and start-up businesses in Islington and the City.  The Bridge
provides all the services expected from a Grade A provider, including a 2mb line
dedicated to clients in the building, personalised telephone answering,
conference and catering facilities.



At the end of February 2002 Workspace (North West) Limited, which owns two
freehold business and workspace centres, New Mount Street in the centre of
Manchester and West Midlands House, Willenhall, West Midlands, was acquired for
£1.95 million.  These two properties total 100,000 sq.ft., together with a car
park exceeding one third of an acre, and are 90 per cent. occupied and continue
to generate a good cash flow.  The buildings house a business community
comprising a wide range of tenants, supported by the services offered within the
building.  The Company offers unfurnished offices, studios and workshops in
economically priced units of varying sizes.  We will be seeking to expand our
interest in this field by further acquisitions in the future.



The freehold investment property at 85 Frampton Street, London NW8 is fully let
on a long-term institutional lease.



Your Space also manages the business centre at Shortlands in Hammersmith, where
high levels of occupancy and good service revenues have been achieved.  The
Directors continue to seek further opportunities to expand this management
activity.



As a result of these recent acquisitions and the introduction of the management
service, the Company is equipped to service the property needs of a wide range
of companies.  It also has the ability to house even the most sophisticated of
companies in the technology and media sectors.



Future Prospects

The serviced office market is undergoing a period of continuing difficulties.
Oversupply has lead to a highly competitive market and a dramatic reduction of
rental values.  However The Bridge has already achieved an occupancy of 30 per
cent. in the short time since it opened.  The Directors believe that, as the
market recovers, the Company is well placed, with flexible business models, to
meet the ever-changing requirements in the serviced office and workspace
sectors.  They remain confident that demand in the sectors we are targeting will
improve and whilst they face the future with caution the Directors are
optimistic that they will be able to increase the Company's market share over
the coming year.



Board Changes

Since the year end Ian Ilsley has resigned as finance director of the Company
and Chris Tidball has been appointed in his stead.  Chris Tidball was previously
a partner with Andersen and prior to that a director with Lloyds Merchant Bank.



David Berry

Non-executive Chairman

9 August 2002






Consolidated Profit and Loss Account

for the year ended 31 March 2002


                                                                    Note                   2002             2001
                                                                                          £'000            £'000

Turnover                                                                                    769              150

Operating expenses                                                                      (1,034)            (191)
                                                                                       --------         --------
Operating loss                                                                            (265)             (41)

Interest receivable                                                                         156               62

Interest payable                                                                          (496)            (127)
                                                                                       --------         --------
Loss on ordinary activities before taxation                                               (605)            (106)

Taxation                                                                                    (7)              (4)
                                                                                       --------         --------
Loss on ordinary activities after taxation                                                (612)            (110)

Dividends                                                                                     -                -
                                                                                       --------         --------
Retained loss for the financial period                                                    (612)            (110)
                                                                                       ========         ========

Loss per share                                                       1
Basic and diluted loss per ordinary share                                               (0.41p)          (0.15p)
                                                                                       ========         ========



The profit and loss account has been prepared on the basis that all operations
are continuing operations.



All recognised gains or losses are dealt with through the profit and loss
account or statement of recognised gains and losses.




Consolidated Balance Sheet

as at 31 March 2002


                                                                                         2002             2001
                                                                                        £'000            £'000
Fixed assets
Negative goodwill                                                                     (1,056)            (702)
Tangible assets                                                                        15,598            6,450
Investments                                                                                50                -
                                                                                     --------         --------
                                                                                       14,592            5,748
                                                                                     --------         --------
Current assets
Debtors                                                                                   332              297
Cash at bank and in hand                                                                1,806            4,217
                                                                                     --------         --------
                                                                                        2,138            4,514

Creditors:  amounts falling due within one year                                       (3,154)            (294)
                                                                                     --------         --------
Net current assets/(Liabilities)                                                      (1,016)            4,220
                                                                                     --------         --------
Total assets less current liabilities                                                  13,576            9,968

Creditors:  amounts falling due after one year                                        (8,502)          (4,547)
                                                                                     --------         --------
Total assets less liabilities                                                           5,074            5,421
                                                                                     ========         ========

Capital and reserves
Called up share capital                                                                 1,600            1,464
Share premium account                                                                   4,196            4,067
Profit and loss account                                                                 (722)            (110)
                                                                                     --------         --------
Equity shareholders' funds                                                              5,074            5,421
                                                                                     ========         ========




Consolidated Cash Flow Statement
for the year ended 31 March 2002


                                                                      2002                      2001
                                                   Note           £'000         £'000        £'000        £'000

Net cash inflow/(outflow) from                     (a)                          1,096                     (177)
   operating activities

Returns on investments and
   servicing of finance
Interest received                                                   156                         62
Interest payable                                                  (496)                      (127)
                                                               --------                   --------
Net cash outflow for returns on                                                 (340)                      (65)
   investments and servicing of
   finance

Capital expenditure and financial
   investment
Payments to acquire tangible                                    (5,828)                          -
   Assets
Payments to acquire investments                                    (50)                          -
Receipts from sale of tangible                                       47                          -
   assets
                                                               --------                   --------
Net cash outflow from capital                                                 (5,831)                         -
   expenditure

Acquisitions and disposals
Payment to acquire subsidiary                                   (1,043)                    (1,062)
   undertaking
                                                               --------                   --------
Net cash outflow for acquisitions                                             (1,043)                   (1,062)
   and disposals
                                                                             --------                  --------
Net cash outflow before                                                       (6,118)                   (1,304)
   management of liquid resources
   and financing

Financing
Issue of ordinary share capital                                       -                      5,521
New bank loan                                                     3,867                          -
Repayment of bank loan                                             (58)                          -
Finance costs paid                                                (124)                          -
                                                               --------                   --------
Net cash inflow from financing                                                  3,685                     5,521
                                                                             --------                  --------
(Decrease)/Increase in cash in                     (b)                        (2,433)                     4,217
   the period
                                                                             ========                  ========


(a)     Reconciliation of operating loss to net cash inflow from operating
activities


                                                                                           2002          2001
                                                                                           £'000         £'000

Operating loss                                                                            (265)          (41)
Depreciation                                                                                  1             -
Amortisation                                                                                  3             -
Profit on disposal of fixed asset                                                           (5)             -
Decrease/(Increase) in debtors                                                               66         (295)
Increase in creditors                                                                     1,296           159
                                                                                       --------      --------
Net cash inflow/(outflow) from operating activities                                       1,096         (177)
                                                                                       ========      ========




(b)     Analysis of changes in cash and cash equivalents during the period


                                                     1 April 2001    Cash Flow           Non-      31 March
                                                                         £'000
                                                            £'000              Cash Movements          2002

                                                                                        £'000         £'000
Net cash:
Cash at bank                                                4,217      (2,411)              -         1,806
Bank overdraft                                                  -         (22)              -          (22)
                                                         --------     --------       --------      --------
Net funds/(debt)                                            4,217      (2,433)              -         1,784
                                                         --------     --------       --------      --------
Debt:
Convertible debt                                                -            -        (1,149)       (1,149)
Bank loans                                                (4,590)      (3,685)          (472)       (8,747)
                                                         --------     --------       --------      --------
                                                          (4,590)      (3,685)        (1,621)       (9,896)
                                                         --------     --------       --------      --------
Net debt                                                    (373)      (6,118)        (1,621)       (8,112)
                                                         ========     ========       ========      ========



(c)     Reconciliation of net cash flow to movement in net debt


                                                                                           2002          2001

                                                                                          £'000         £'000

(Decrease)/increase in cash in the period                                               (2,433)         4,217
Cash (inflow)/outflow from (increase)/decrease in net debt                              (3,685)            10
                                                                                       --------      --------
Change in net (debt)/funds resulting from cash flow                                     (6,118)         4,227
Non cash movement in net debt                                                           (1,621)       (4,600)
                                                                                       --------      --------
Movements in net (debt)/funds in the year                                               (7,739)         (373)
Opening net funds                                                                         (373)             -
                                                                                       --------      --------
Closing net debt                                                                        (8,112)         (373)
                                                                                       ========      ========




Notes to the financial statements





1.   Loss per share

The calculation of the basic loss per share is based on the loss after tax of
£612,000 (2001:  £110,000) and on 148,583,931 (2000: 73,273,149) ordinary shares
being the weighted average number of ordinary shares in issue during the period.



The calculation of diluted loss per share is based on the basic loss per share
adjusted to allow for the issue of shares on the assumed conversion of all
options and convertible loan stock resulting in 149,041,804 issued ordinary
shares.



There is no dilutive effect of warrants due to the fair price of shares during
the period being less than the exercisable price of those warrants.



2.     Dividends

     The Directors are not proposing the payment of a dividend in respect of the
year ended 31 March 2002.



3.     Publication of non-statutory accounts

     The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.



4.   The financial information for the year ended 31 March 2001 is extracted
from the Group's financial statements to that date which received an unqualified
auditor's report and have been filed with the Registrar of Companies.



     The financial information for the year ended 31 March 2002 is extracted
from the Group's financial statements to that date which received an unqualified
auditor's report and will be filed with the Registrar of Companies.



5.     Publication of statutory accounts

Copies of the Report and Accounts will be sent to shareholders in due course and
will be available from the registered office of the Company, 25 Harley Street,
London W1G 9BR.




Further Enquiries:


Your Space PLC                                                 Tel: 07778 810608
Christopher Tidball

John East & Partners Limited                                 Tel:  020 7628 2200

John East / Nandita Sahgal







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