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Voss Net PLC (VOS)

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Monday 30 September, 2002

Voss Net PLC

Interim Results

Voss Net PLC
30 September 2002


                                  Voss Net plc

                          ('Voss Net' or 'the Group')

                  RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2002

Key points :


  • Voss Net's training business, based on the Government Learndirect scheme,
    has grown steadily throughout the period.

  • Turnover for the half-year amounted to £447,000 (2001: £484,000).

  • The profit before tax was £175 (2001: £277,000 loss) and the profit after
    tax was £12,000 (2001: £259,000 loss). The profit after tax per ordinary
    share was 0.04p (2001: 3.36p loss).

  • Sigma Freight Systems achieved a profit of £13,000 in the first half
    (£78,000 loss in the first half of 2001).

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

    'Our training centres in Central London and Egham are now well established
    and we look forward to further growth in both locations. We are also
    actively investigating opportunities for expansion, so as to broaden the
    base of our training business and provide further growth'.



For further information, please contact :

Voss Net                                                     01753-737800
Jeremy Gilbert, Chief Executive



CHAIRMAN'S STATEMENT

In the six months ended 30 June 2002, your company returned to profit, albeit
very small, on turnover of £447,000 (2001: £277,000 loss before tax on turnover
of £484,000). The directors are not recommending payment of a dividend.

These much improved results were achieved through our concentration on training
under the Government's Learndirect initiative where our operations in Central
London and in Egham, Surrey, both performed satisfactorily. Learner numbers
increased steadily through this six month period with the result that your
company moved from monthly losses at the start of this period to profit at the
end of it.

Some 20% of our income arising from Learndirect training is retained by the
recipient colleges through which we receive payment, pending completion of their
audit. We have accounted for this fully in our turnover figures because we know
of no reason why this cash will not be received after audit. That retained cash
will not be received until early next year.

Our subsidiary, Sigma Freight Systems, which provides software for the freight
forwarding industry, also had a much improved performance, reporting profit
before tax for the period of £13,000. Orders and enquiries remain at a
satisfactory level and we expect this company to continue making progress.

Outlook

Trading since 30 June has continued well, albeit that learner numbers were lower
during the August holiday period. Our training centres in Central London and
Egham are now well established and we look forward to further growth in both
locations. We are also actively investigating opportunities for expansion, both
geographically and in different areas of training, so as to broaden the base of
our training business and provide for further growth.


Barry O'Connell                                          30 September 2002
Chairman




UNAUDITED GROUP PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 30 JUNE 2002
                                                 Note     Unaudited         Unaudited         Audited
                                                          half year         half year         year
                                                          ended             ended             ended
                                                          30.6.2002         30.6.2001         31.12.2001
                                                          £                 £                 £

Turnover                                                  446,715           483,810           921,368
Cost of sales                                             68,219            247,774           556,858

Gross profit                                              378,496           236,036           364,510
Administrative expenses                                   377,846           509,450           1,414,827

Operating profit/(loss)                                   650               (273,414)         (1,050,317)
Exceptional items
Loss on sale of business                                  -                 -                 (28,550)
Hire purchase creditor write off                          -                 -                 62,547
Long-term contract costs over-provision                   -                 -                 40,000
Amount written off investment                             -                 -                 (10,000)
Loss on scrapping of defunct computer equipment           -                 -                 (35,223)

Profit/(loss) on ordinary activities before               
 interest                                                 650               (273,414)         (1,021,543)
Interest payable - net                                    475               3,574             630

Profit/(loss) on ordinary activities before               
 taxation                                                 175               (276,988)         (1,022,173)
Taxation on profit/loss on ordinary activities   2        12,000            18,000            18,000

Surplus/(deficit) for the period                          12,175            (258,988)         (1,004,173)
Profit/(loss) per share                                   0.04p             (3.36p)           (12.81p)

Profit/(loss) per share before exceptional items          0.04p             (3.36p)           (13.18p)



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





UNAUDITED GROUP BALANCE SHEET
30 JUNE 2002
                                                          Unaudited         Unaudited         Audited
                                                          30.6.2002         30.6.2001         31.12.2001
                                                          £                 £                 £

Fixed assets
Intangible fixed assets                                   158,066           656,332           162,500
Tangible fixed assets                                     28,242            85,061            27,774
Investment                                                -                 10,000            -

                                                          186,308           751,393           190,274

Current assets
Debtors                                                   411,623           221,021           129,406
Cash at bank and in hand                                  31,502            127,741           68,993

                                                          443,125           348,762           198,399

Creditors: amounts falling
 due within one year                                      375,999           300,922           378,838

Net current assets/(liabilities)                          67,126            47,840            (180,439)

Total assets less current liabilities                     253,434           799,233           9,835

Creditors: amounts falling
 due after more than one year                             -                 44,213            -

                                                          253,434           755,020           9,835
Capital and reserves
Called up share capital                                   657,710           397,960           397,960
Share premium account                                     3,803,755         3,832,081         3,832,081
Profit and loss account                                   (4,208,031)       (3,475,021)       (4,220,206)

Equity shareholders' funds                                253,434           755,020           9,835





RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS

Profit/(loss) for the financial period                     12,175            (258,988)         (1,004,173)
Issues of share capital                                    259,750           125,000           125,000
Expenses of issues of share capital                        (28,326)          -                 -

Increase/(decrease) in equity shareholders' funds          243,599           (133,988)         (879,173)

Opening equity shareholders' funds
 at 1 January                                              9,835             889,008           889,008

Closing equity shareholders' funds at
 30 June/ 31 December                                      253,434           755,020           9,835

The interim accounts were approved by the Board on 30 September 2002.





UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2002
                                                        Unaudited          Unaudited
                                                        half year          half year       Audited
                                                        ended              ended           year ended
                                                        30.6.2002          30.6.2001       31.12.2001
                                                   Note
                                                        £                  £               £
Net cash outflow from
 operating activities                              4    (324,912)          (59,560)        (141,977)

Returns on investments
 and servicing of finance 
Interest paid                                           (475)              -               -
Interest on hire purchase and
 finance lease contracts                                -                  (3,574)         (630)
                                                        (475)              (3,574)         (630)
Taxation                                                -                  -               18,000
Capital expenditure and financial
 investment
Purchase of intangible fixed assets                     -                  (37,500)        (75,000)
Purchase of tangible fixed assets                       (6,825)            (4,138)         (7,758)
Sale of tangible fixed assets                            -                 -               4,500

                                                        (6,825)            (41,638)        (78,258)
Disposal
Sale of business activity                               -                  -               48,000

                                                        -                  -               48,000

Cash outflow before use of
Financing                                               (332,212)          (104,772)       (154,865)

Financing
Issues of share capital                                 259,750            125,000         125,000
Expenses of issues of share capital                     (28,326)
Factor                                                  63,297             -               -
Hire purchase and finance lease contracts               -                  (932)           (9,597)

                                                        294,721            124,068         115,413

(Decrease)/increase in cash
 in the period                                     5   (37,491)           19,296          (39,452)



NOTES

1  Full accounts

The comparative figures for the financial year ended 31 December 2001 are not
the company's statutory accounts for that financial year. Those accounts have
been reported on by the company's auditors and delivered to the Registrar of
Companies. The report of the independent auditors was unqualified and did not
contain a statement under section 237 (2) or (3) of the Companies Act 1985.

2  Taxation

The tax credit relates to a payment received after 30 June 2002 from the Inland
Revenue in respect of a tax relief claim for research and development
expenditure in the year ended 31 December 2001.

Subject to agreement with the Inland Revenue there is a further tax credit of
£6,000 payable to the group arising from research and development expenditure in
the year ended 31 December 2001. Subject to agreement with the Inland Revenue,
there are tax losses of approximately £3,141,000 at 31 December 2001 available
to carry forward against future trading profits of the group. In addition, there
are capital losses of approximately £399,000 available to offset against future
capital gains of the company.

3  Loss per share

The calculation of profit/loss per ordinary share is based on a profit of
£12,175 (2001: £258,988 loss) and 33,578,945 ordinary shares (2001: 7,713,647),
being the weighted average number of ordinary shares in issue during the period.

4  Reconciliation of operating loss to net cash outflow from operating
activities
                                                            Half year ended   Half year         Year
                                                            30.6.2002         ended             ended
                                                                              30.6.2001         31.12.2001
                                                            £                 £                 £

Operating profit/(loss)                                     650               (273,414)         (1,050,317)
Amortisation of intangible assets                           4,434             79,094            533,876
Depreciation charges                                        6,357             18,236            37,367
Loss on sale of tangible fixed assets                       -                 -                 2,053
(Increase)/decrease in debtors                              (270,217)         179,338           252,953
(Decrease)/increase in creditors                            (66,136)          (62,814)          82,091

                                                            (324,912)         (59,560)          (141,977)




5. Analysis of changes in net funds/(debt)

                                                                                                Net funds /
                                                           Net funds at                         (debt) at
                                                           31.12.2001         Cash Flow         30.6.2002
                                                           £                  £                 £

Cash at bank and in hand                                   68,993             (37,491)          31,502
Debt due within one year                                   -                  (63,297)          (63,297)

                                                           68,993             (100,788)         (31,795)


6. Interim report

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




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