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Gresham Computing (GHT)

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Wednesday 18 September, 2002

Gresham Computing

Interim Results

Gresham Computing PLC
18 September 2002


Embargoed until 07.00                                         18 September 2002



                              GRESHAM COMPUTING PLC
                           ('Gresham' or the 'Group')

             Interim Results for the Six Months ended 30 June 2002:
                               Chairman's Statement

I am pleased to report the Group's interim results for the six-month period
ended 30 June 2002.  Comparative figures are for the six months ended 30 June
2001 instead of the six months to 30 April 2001, which were shown in the 2001
interim report due to the change in year-end in 2001 from October to December.

Trading conditions throughout the period have remained difficult across all
areas of the business. Notwithstanding this, we have continued to invest in the
development of the business in line with our strategy.  The operating results
reflect these factors.

The Group's recorded turnover for the period was £6.2 million (2001: £13 million
of which £7.8 million was from ongoing operations).  The total operating loss
was £2.3 million (2001: £0.8 million).  After the disposal of SIM Group Limited
(see below) profit before taxation for the period was £2.7 million (2001: £1.7
million) with retained profits for the period of £2.3 million (2001: £1.2
million). The resultant basic earnings per share is 4.94 pence  (2001: 2.67
pence).

Disposal of SIM Group

On 15 April 2002 the group completed the disposal of its remaining shares in SIM
Group Limited for total estimated proceeds of £7.4 million resulting in a profit
on disposal in the period of £4.9 million.  The proceeds include an amount of
£0.7 million in the form of convertible bonds which are redeemable after 31 July
2003 and a further amount currently anticipated to be £0.5 million, based on the
turnover achieved by SIM Group Limited in the year ending 31 October 2002 which
is expected to be received from escrow in December 2002.

From the date of the disposal of the first tranche of shares on 25 June 2001
until the disposal of the remaining shares on 15 April 2002, financial
information relating to SIM Group Limited has been included in Gresham's results
as an associate undertaking.  The total operating loss for the period to 30 June
2002 includes a £0.4 million loss attributable to the trading activities and
goodwill amortisation of SIM Group Limited as an associate  (2001: £0.6 million
profit as a subsidiary undertaking).

The Group's financial position has been strengthened during the period with a
net cash position at 30 June 2002 of £5.2 million compared with  £0.5 million at
31 December 2001.

Strategy

As I stated in my report in April, our strategy is to focus on and invest in the
three areas of the business that we consider to have significant growth
prospects; Finance and Banking Systems, Integration and Storage Management.
The Board believes that this strategy has the potential to deliver substantial
shareholder returns over the medium and long term.  We have continued to make a
considerable investment in the restructuring and refocus of the business and,
during the last six months, I believe that we have made considerable progress
towards our strategic objectives.

Finance and Banking Systems

Our primary focus in this area is the delivery of the Cable & Wireless Real Time
Nostro ('RTN') service to the market. The proposed service has been well
received by the market. Detailed discussions are underway with a number of
potential clients of the service and we expect commitment from the initial users
of RTN during this calendar year.  We continue to believe that revenue from RTN
will build as the service is rolled out and that RTN will provide the Group with
the potential for significant recurring profitable revenue growth in 2003 and
beyond.

Integration

Considerable investment has been made in Casablanca, our flagship integration
product, to develop it into a world-class offering.  Casablanca rapidly and
effectively integrates legacy and open systems without the need for large-scale
system redevelopment.  The release of Casablanca version 3.2 in September 2002
has moved us considerably closer to our aim of providing near code-free
integration.  Casablanca is now generating widespread interest, particularly in
the Finance and Banking sector where legacy systems predominate.   In order to
fully develop the market potential of this product we have recently
significantly strengthened our Integration team.

Storage Management

The market for storage products has not improved over the first half of this
year. It remains a highly competitive market with price competition being one of
the key differentiators. Although the results achieved by our Storage division
have been disappointing, our client base of blue chip storage customers is now
in excess of 150 users. Our current storage product family, EDT, is a niche
offering with a finite number of potential users. We are continuing to invest in
expanding the scope and functionality of our range of storage products in order
to enhance our offering to the wider storage market. We anticipate bringing our
new product set to market in H1 of 2003, which we believe will address a
significantly wider market.

Outlook

Over the past six months considerable progress has been made towards the
achievement of the Group's objectives, namely the development and realisation of
the long-term growth potential of the business.  This has involved considerable
ongoing investment and a strategic refocusing of the business into our three
core areas. We believe that the potential of these areas will start to be
delivered in the coming months and provide the Group with a platform for
sustainable growth in 2003 and beyond.

The progress of the past few months has only been possible as a result of the
enthusiasm, dedication and innovative approach of our staff and I extend my
thanks and appreciation to every one of them.

Sid Green
Chairman

                                     -Ends-

For further information, please contact:

Gresham Computing plc                                    020 7653 0220
Andrew Walton-Green, Chief Executive

Weber Shandwick Square Mile                              020 7950 2800
Tim Jackaman
Christian Taylor Wilkinson


Gresham Computing plc
Group Profit and Loss Account
For the six months ended 30 June 2002


                       Six months ended 30 June 2002    Six months ended 30 June 2001   14 months ended 31 December 2001

                       Before     Goodwill              Before     Goodwill              Before     Goodwill
                      goodwill amortisation            goodwill amortisation            goodwill amortisation
                Notes    £'000        £'000     £'000     £'000        £'000     £'000     £'000        £'000     £'000

Turnover
  Continuing      
   operations     2      6,152                  6,152     7,845                  7,845    18,321                 18,321
  Discontinued    
   operations     2          -                      -     5,181                  5,181     6,440                  6,440
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
Group turnover           6,152                  6,152    13,026                 13,026    24,761                 24,761
Cost of sales            3,853                  3,853     7,338                  7,338    13,988                 13,988
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
Gross profit             2,299                  2,299     5,688                  5,688    10,773                 10,773
Administrative 
expenses-                
 pre-exceptional
 items                   4,178           54     4,232     6,118          346     6,464    12,643          627    13,270
Administrative 
expenses-                    
 exceptional 
  items                      -                      -        71                     71       260        1,155     1,415
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
Operating loss         (1,879)         (54)   (1,933)     (501)        (346)     (847)   (2,130)      (1,782)   (3,912)
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
  Continuing           
   operations          (1,879)         (54)   (1,933)   (1,271)        (162)   (1,433)   (3,034)      (1,533)   (4,567)
  Discontinued               
   operations                -                      -       770        (184)       586       904        (249)       655
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------

Share of 
 operating         
 (loss)/profit  
 in associate            (340)         (56)     (396)        12                     12       450         (88)       362
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
Total operating 
 loss: group            
 and share of
 associate             (2,219)        (110)   (2,329)     (489)        (346)     (835)   (1,680)      (1,870)   (3,550)

(Loss)/Profit 
 on disposal of
 tangible fixed             
 assets
 (continuing
 operations)               (3)                    (3)         -                      -        84            -        84
Profit on sale 
 of operations            
 (discontinued
 operations)             4,902                  4,902     2,647                  2,647     2,647            -     2,647
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
                         4,899            -     4,899     2,647            -     2,647     2,731            -     2,731
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------

Profit/(loss)  
 on ordinary 
 activities  
 before interest             
 and taxation            2,680        (110)     2,570     2,158        (346)     1,812     1,051      (1,870)     (819)
Net interest
 receivable/
 payable)                  104                    104     (137)                  (137)     (154)                  (154)
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
Profit/(loss) 
 on ordinary             
 activities 
 before taxation         2,784        (110)     2,674     2,021        (346)     1,675       897      (1,870)     (973)
Taxation on result 
 on ordinary 
 activities       3        371                    371       465                    465       444                    444
                     ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------

Profit/(loss) on
 ordinary                 
 activities 
 after taxation           2,413        (110)     2,303     1,556        (346)     1,210       453      (1,870)   (1,417)

Dividends - 
 non-equity
 interests                    -                      -        33                     33        66                     66

                      ---------    --------- --------- ---------    --------- --------- ---------    --------- ---------
Retained profit/
 (loss) for the           
    period                2,413        (110)     2,303     1,523        (346)     1,177       387      (1,870)   (1,483)
                      =========    ========= ========= =========    ========= ========= =========    ========= =========
Basic earnings 
 per share 
 (pence)          4                               4.94                             2.67                           (3.32)
Fully diluted 
 earnings
 per share 
 (pence)          4                               4.87                             2.59                           (3.32)





Gresham Computing plc
Group Balance Sheet
at 30 June 2002

                                                         At 30 June           At 30 June       At 31 December
                                                               2002                 2001                 2001
                                                              £'000                £'000                £'000

Fixed Assets
Intangible assets                                             1,190                2,622                1,274
Tangible assets                                               1,648                2,162                1,832
Investment in Associate                                           -                2,650                2,865
                                                          ---------            ---------            ---------
                                                              2,838                7,434                5,971
                                                          ---------            ---------            ---------

Current Assets
Debtors                                                       5,251                5,191                4,008
Cash at bank and in hand                                      5,284                1,811                  958
                                                          ---------            ---------            ---------
                                                             10,535                7,002                4,966

Creditors: amounts falling due within one year                4,350                5,142                4,146

                                                          ---------            ---------            ---------
Net Current Assets                                            6,185                1,860                  820
                                                          ---------            ---------            ---------

                                                          ---------            ---------            ---------
Total Assets Less Current Liabilities                         9,023                9,294                6,791
                                                          ---------            ---------            ---------

Creditors:  amounts falling due after more
    than one year                                               588                  949                  763

                                                          ---------            ---------            ---------
                                                              8,435                8,345                6,028
                                                          =========            =========            =========

Capital and reserves
Called up share capital                                       2,349                2,714                2,332
Share premium account                                         5,699                5,232                5,614
Special reserve                                                 313                  313                  313
Merger reserve                                                  726                  726                  726
Profit and loss account                                       (652)                (640)              (2,957)
                                                          ---------            ---------            ---------
                                                              8,435                8,345                6,028
                                                          =========            =========            =========

Shareholders' funds
Equity interests                                              8,435                7,835                6,028
Non-equity interests                                              -                  510                    -
                                                          ---------            ---------            ---------
                                                              8,435                8,345                6,028
                                                          =========            =========            =========


Gresham Computing plc
Cashflow Statement
for the six months ended 30 June 2002

                                                                   Six months ended           14 months ended
                                                             30 June            30 June           31 December
                                                                2002               2001                  2001
                                                               £'000              £'000                 £'000

Operating loss                                               (1,933)              (847)               (3,912)
Depreciation                                                     288                439                   887
Amortisation and provision for impairment
    in value of intangible assets                                 84                411                 1,903
(Increase)/decrease in debtors                                 (141)              (624)                 1,150
Increase/(decrease) in creditors                                 113                921                 (876)
Foreign exchange movement                                        (9)               (32)                     -
                                                           ---------          ---------             ---------
Net cash (outflow)/inflow from operating
    activities                                               (1,598)                268                 (848)
                                                           ---------          ---------             ---------

Returns on investment and servicing of
    finance
Net interest received (paid)                                     112              (137)                 (168)
Dividends paid to preference shareholders                       (66)                  -                 (132)
                                                           ---------          ---------             ---------
                                                                  46              (137)                 (300)
                                                           ---------          ---------             ---------

Taxation paid                                                   (27)               (81)                 (144)

                                                           ---------          ---------             ---------


Capital expenditure and financial
    investment
Payments to acquire tangible fixed assets                      (140)              (137)                 (477)
Receipts from sale of tangible fixed assets                       44                 27                   442
                                                           ---------          ---------             ---------
                                                                (96)              (110)                  (35)
                                                           ---------          ---------             ---------

Acquisitions and disposals
Sale of subsidiary undertaking                                 6,220              5,250                 5,850
Costs of disposal                                                (3)              (255)                 (434)
Net cash disposed of with subsidiary
    undertaking                                                    -              (363)                 (363)
                                                           ---------          ---------             ---------
                                                               6,217              4,632                 5,053
                                                           ---------          ---------             ---------

Financing
Repayment of long-term loans                                       -            (2,500)               (2,500)
Receipt of short-term loans                                        -                  -                   250
Repayment of short-term loans                                  (250)              (284)                 (219)
Repayments of finance leases                                    (68)              (144)                 (216)
Net proceeds of shares issued                                    102                  -                     -
                                                           ---------          ---------             ---------
Net (outflow) from financing                                   (216)            (2,928)               (2,685)
                                                           ---------          ---------             ---------

                                                           ---------          ---------             ---------
Increase in cash in the period                                 4,326              1,644                 1,041
                                                           =========          =========             =========

GROUP NET FUNDS/(DEBT)
Opening net funds/(debt)                                         513            (3,053)               (3,217)
Closing net funds                                              5,157              1,523                   513



NOTES TO THE INTERIM ACCOUNTS
for the six months ended 30 June 2002

1   The interim accounts have been prepared on the basis of the accounting
    policies set out in the group's 2001 statutory accounts and are unaudited.  
    The interim financial statements do not constitute statutory accounts within 
    the meaning of section 240 of the companies Act 1985.

2   Turnover and segmental analysis

Analysis of turnover by business segment

                              Six months ended 30 June 2002              Six months ended 30 June 2001
                                                  Inter-                                 Inter-
                                  Segment        segment    External     Segment        segment   External
                                 Turnover       Turnover    Turnover    Turnover       Turnover   Turnover
                                    £'000          £'000       £'000       £'000          £'000      £'000

Solutions                           1,518           (18)       1,500       2,318              -      2,318
Specialist contract staff           2,026           (36)       1,990       2,724          (887)      1,837
                                 --------       --------    --------    --------       --------   --------
Enterprise Solutions                3,544           (54)       3,490       5,042          (887)      4,155
Enterprise Software                 2,694           (32)       2,662       3,690              -      3,690
                                 --------       --------    --------    --------       --------   --------
Continuing operations               6,238           (86)       6,152       8,732          (887)      7,845
SIM Testing (discontinued)              -              -           -       5,181              -      5,181
                                 --------       --------    --------    --------       --------   --------
                                    6,238           (86)       6,152      13,913          (887)     13,026
                                 --------       --------    --------    --------       --------   --------

Geographical analysis of turnover by source


                              Six months ended 30 June 2002              Six months ended 30 June 2001
                                                  Inter-                                 Inter-
                                                 segment    External                    segment   External
                                 Turnover       turnover    turnover    Turnover       turnover   turnover
                                    £'000          £'000       £'000       £'000          £'000      £'000

United Kingdom -
    continuing operations           4,030           (11)       4,019       5,680          (931)      4,749
United Kingdom -
    discontinued operations             -              -           -       5,181              -      5,181
North America                       1,055            (9)       1,046       2,113           (72)      2,041
Rest of world                       1,693          (606)       1,087       1,055              -      1,055
                                 --------       --------    --------    --------       --------   --------
                                    6,778          (626)       6,152      14,029        (1,003)     13,026
                                 --------       --------    --------    --------       --------   --------


Geographical analysis of turnover by destination

                                                                              Six months ended 30 June
                                                                                      2002         2001
                                                                                     £'000        £'000

United Kingdom - continuing operations                                               3,876        4,365
United Kingdom - discontinued operations                                                 -        5,181
Europe - continuing operations                                                         802          543
Europe - discontinued operations                                                         -            -
North America                                                                          702        2,025
Rest of world                                                                          772          912
                                                                                  --------     --------
                                                                                     6,152       13,026
                                                                                  --------     --------



3   Taxation

    The taxation charge for the six months ended 30 June 2002 is based on the
    estimated effective tax rate for the full year, together with the estimated
    taxation payable in respect of the disposal, net of applicable loss relief.  
    The taxation charge is net of a credit of £104,000 in respect of the 
    associate undertaking for the period prior to its disposal.

4   Earnings per Share

    Earnings per share has been calculated in accordance with FRS 14 using the
    following earnings and weighted average shares outstanding:

                                                                                                  14 months
                                                                    Six months ended                  ended
                                                                     30 June       30 June      31 December
                                                                        2002          2001             2001
                                                                       £'000         £'000            £'000

Earnings:
Basic                                                                  2,303         1,177          (1,483)
Preference dividends                                                       -            33                -
                                                                  ----------    ----------       ----------
Fully diluted earnings                                                 2,303         1,210          (1,483)
                                                                  ----------    ----------       ----------

Weighted average number of shares:
Basic weighted average                                            46,636,479    44,078,778       44,625,110
Potential ordinary shares                                            688,605     2,563,949                -
                                                                  ----------    ----------       ----------
Fully diluted weighted average                                    47,325,084    46,642,727       44,625,110
                                                                  ----------    ----------       ----------

    Diluted earnings per share is identical to basic earnings per share for the 
    14 months ended 31 December 2001 because potential diluting events would 
    have the effect of reducing loss per ordinary share

5   Reconciliation of shareholders' funds

                                                                                                  14 months
                                                                    Six months ended                  ended
                                                                     30 June       30 June      31 December
                                                                        2002          2001             2001
                                                                       £'000         £'000            £'000

Profit/(loss) for the period                                           2,303         1,210          (1,417)
Exchange difference on retranslation of net assets of
    subsidiary undertakings                                                2          (25)              (2)
                                                                    --------      --------         --------
Total recognised gains and losses                                      2,305         1,185          (1,419)
Dividends                                                                  -          (33)             (66)
Shares issued                                                            102             -                -
                                                                    --------      --------         --------
Total movements during the year                                        2,407         1,152          (1,485)
Opening shareholders' funds                                            6,028         7,193            7,513
                                                                    --------      --------         --------
Closing shareholders funds                                             8,435         8,345            6,028
                                                                    ========      ========         ========

6   Discontinued Operations

    Discontinued operations comprise the activities of the SIM Group prior to 
    the group's disposal of a first tranche of shares of 50.01% of the issued 
    share capital of SIM Group on 25 June 2001.  The group's share of the 
    results of SIM Group subsequent to that date until the disposal of the 
    group's remaining shares in SIM Group which was completed on 15 April 2002 
    are accounted for as an associate undertaking.

    The profit on disposal of SIM in the six months ended 30 June 2001 and 14 
    months ended 31 December 2001 included deferred proceeds of £600,000 which 
    was dependant on the performance of SIM Group and was received on 
    24 December 2001. The profit on disposal of SIM Group for the six months 
    ended 30 June 2002 includes estimated net proceeds of £487,000 which are 
    dependent on the turnover achieved by the SIM Group in the 12 months ending 
    31 October 2002 which is expected to be received by 31 December 2002 and 
    £692,000 of interest bearing convertible bonds which are redeemable after 
    1 August 2003

7   An interim report will be sent to all shareholders by 30 September 2002 and
    will be available to all members of the public during normal business hours 
    at the company's registered office: Sopwith House, Brook Avenue, Warsash,
    Southampton, SO31 9ZA.



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