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Your Space PLC (YSP)

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Tuesday 17 December, 2002

Your Space PLC

Interim Results

Your Space PLC
17 December 2002

                                                             17th December, 2002



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

               Unaudited Interim Results for the six months ended

                               30 September 2002





CHAIRMAN'S STATEMENT

Financial Results

I am pleased to report the Interim results for the six months ended 30 September
2002. Your company has reported a loss before taxation of £343,000. The
company's net assets were £4,192,000 after a review of property valuations,
equating to 2.59 pence per share at 30 September 2002.  Our cash balances then
stood at £1,554,000.



Current Trading

In the six months to 30 September 2002 turnover was £947,000 (six months to 30
September 2001 - £255,000). This compares with £769,000 for the twelve months
ended 31 March 2002.



Workspace (North West) Limited, which owns two freehold business and workspace
centres totalling 100,000 sq. ft., together with a car park exceeding one third
of an acre, in Manchester and Willenhall has performed well.  £480,000 of
revenue was generated from this subsidiary resulting  in a net profit of
£107,134. Occupancy levels are currently 82 per cent. thus demonstrating the
strength of the provincial market compared to conditions in London.



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



We continue to manage the business centre at Shortlands, in Hammersmith, where
occupancy levels are 93 per cent.



The Bridge, a 15,000 sq. ft. freehold property at 12-16 Clekenwell Road, has
suffered from the dramatic deterioration of workspace rental values in a highly
competitive market. Occupancy levels are currently 33 per cent. but we are
currently processing a number of enquiries for significant quantities of
workstations. We are also seeking alternative opportunities to enhance return
for our shareholders.



Future Prospects

The Midlands business and workspace market remains strong but there is no sign
of improvement in the London serviced office market. However we have a good
product and a strong management team and are thus well placed to increase our
market share when conditions improve.



We continue to seek further opportunities to expand opportunities to manage
space, which is surplus to owners' and tenant requirements.



DAVID BERRY

Non-executive Chairman

17 December 2002




UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002


                                                            Six months ended   Six months ended             Year
                                                           30 September 2002  30 September 2001             ended
                                                                 (Unaudited)         (Unaudited)    31 March 2002
                                                                       £'000              £'000          (Audited)
                                                                                                            £'000   


Turnover                                                                 947                255              769

Operating expenses                                                     (943)              (248)          (1,034)
                                                                    --------           --------         --------
Net operating profit/(loss)                                                4                  7            (265)

Interest receivable                                                       23                110              156

Interest payable                                                       (370)              (197)            (496)
                                                                    --------           --------         --------
Loss on ordinary activities before taxation                            (343)               (80)            (605)

Taxation                                                                 (1)                  -              (7)
                                                                    --------           --------         --------
Loss on ordinary activities after taxation                             (344)               (80)            (612)
                                                                    ========           ========         ========

Loss per share                                                         Pence              Pence            Pence

Basic and diluted                                                     (0.22)             (0.05)           (0.41)
                                                                    ========           ========         ========



Continuing operation
All amounts are derived from continuing operations.



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002


                                                                Six months          Six months              Year
                                                                     ended               ended             ended
                                                              30 September        30 September          31 March
                                                                      2002                2001              2002
                                                               (Unaudited)         (Unaudited)         (Audited)
                                                                     £'000               £'000             £'000

Loss for the financial period                                        (344)                (80)             (612)

Unrealised deficit on revaluation of investment                      (573)                   -                 -
properties
                                                                  --------            --------          --------
Total recognised gains and losses relating to the                    (917)                (80)             (612)
period
                                                                  ========            ========          ========



UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2002


                                                                30 September       30 September         31 March
                                                                        2002               2001             2002
                                                                 (Unaudited)        (Unaudited)        (Audited)
                                                                       £'000              £'000            £'000
Fixed assets
Negative goodwill                                                    (1,056)              (702)          (1,056)
Tangible assets                                                       15,062             10,559           15,598
Investments                                                               50                  -               50
                                                                    --------           --------         --------
                                                                      14,056              9,857           14,592
                                                                    --------           --------         --------
Current assets
Debtors                                                                  277                915              332
Cash at bank and in hand                                               1,554              3,792            1,806
                                                                    --------           --------         --------
                                                                       1,831              4,707            2,138

Creditors: amounts falling due within one year                       (2,394)            (4,699)          (3,154)
                                                                    --------           --------         --------
Net current (liabilities)/assets                                       (563)                  8          (1,016)
                                                                    --------           --------         --------
Total assets less current liabilities                                 13,493              9,865           13,576
Creditors: amounts falling due after more than one year              (9,301)            (4,524)          (8,502)
                                                                    --------           --------         --------
Total assets less liabilities                                          4,192              5,341            5,074
                                                                    ========           ========         ========
Capital and reserves
Called up share capital                                                1,618              1,464            1,600
Share premium account                                                  4,213              4,067            4,196
Revaluation reserve                                                    (573)                  -                -
Profit and loss account                                              (1,066)              (190)            (722)
                                                                    --------           --------         --------
Equity shareholders' fund                                              4,192              5,341            5,074
                                                                    ========           ========         ========

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002


                                                                  Six months        Six months             Year
                                                                       ended             ended            ended
                                                                30 September      30 September         31 March
                                                                        2002              2001             2002
                                                                 (Unaudited)       (Unaudited)         (Audited)
                                                                       £'000             £'000            £'000

Net cash flow from operating activities                                (650)             3,792            1,096

Return on investment and servicing of finance
Interest payable                                                       (370)             (197)            (496)
Interest received                                                         23               110              156

Taxation                                                                (13)                 -                -

Capital expenditure and financial investment
Payments to acquire tangible assets                                     (74)           (4,109)          (5,828)
Payments to acquire investments                                            -                 -             (50)
Receipts from sale of tangible assets                                      -                 -               47

Acquisitions and disposals
Payments to acquire subsidiary undertakings                                -                 -          (1,043)
                                                                    --------          --------         --------
Net cash flow before management of liquid                            (1,084)             (404)          (6,118)
resources and financing

Financing
Issue of share capital                                                    35                 -                -
New bank loan                                                            862                 -            3,867
Repayment of bank loan                                                  (62)              (21)             (58)
Finance costs paid                                                         -                 -            (124)
                                                                    --------          --------         --------
Decrease in cash in the period                                         (249)             (425)          (2,433)
                                                                    ========          ========         ========


NOTES TO THE INTERIM RESULTS



1.   Basis of preparation

The results for the six months ended 30 September 2002 are unaudited but have
been reviewed by the auditors, whose report appears as part of this report.
They have been prepared on accounting bases and policies that are consistent
with those used in the preparation of the financial statements of the company
for the year ended 31 March 2002 which were audited.



The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 Companies Act 1985.  The results for
the year ended 31 March 2002 were reported on by the auditors and received an
unqualified audit report.  Full accounts for the year ended 31 March 2002 have
been delivered to the Registrar of Companies.



2.   Dividend

No dividend is proposed for the six months ended 30 September 2002.



3.   Taxation
                                                           Six months           Six months             Year
                                                                 ended                ended            ended
                                                          30 September         30 September         31 March
                                                                  2002                 2001             2002
                                                                 £'000                £'000            £'000

UK Corporation tax                                                   -                    -                5
Adjustment to prior years                                            1                    -                2
                                                              --------             --------         --------
Current tax charge                                                   1                    -                7
                                                              ========             ========         ========



On the grounds that losses have been made in the period no taxation is charged
to the profit and loss account.



4.   Loss per share

The calculation of the basic loss per share is based on the loss after tax of
£344,000 and on 159,949,424 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
convertible loan stock resulting in 161,098,200 issued ordinary shares.



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


5.   Reconciliation of movements in shareholders' funds
                                                           Six months           Six months              Year
                                                                ended                ended             ended
                                                         30 September         30 September          31 March
                                                                 2002                 2001              2002
                                                                £'000                £'000             £'000

Loss for the financial period                                   (344)                 (80)             (612)
Other recognised gains and losses                               (573)                    -                 -
Proceeds from share issue                                          35                    -               265
                                                             --------             --------          --------
Net depletion of shareholders' funds                            (882)                 (80)             (347)
Opening shareholders' funds                                     5,074                5,421             5,421
                                                             --------             --------          --------
Closing shareholders' funds                                     4,192                5,341             5,074
                                                             ========             ========          ========



6.   Net cash flow from operating activities
                                                             Six months          Six months             Year
                                                                  ended               ended            ended
                                                           30 September        30 September         31 March
                                                                   2002                2001             2002
                                                                  £'000               £'000            £'000

Operating profit/(loss)                                               4                   7            (265)
Amortisation                                                          3                   -                3
Depreciation                                                         37                   -                1
Profit on disposal of fixed asset                                     -                   -              (5)
Decrease/(increase) in debtors                                       55               (618)               66
(Decrease)/increase in creditors                                  (749)               4,403            1,296
                                                               --------            --------         --------
Net cash flow from operating activities                           (650)               3,792            1,096
                                                               ========            ========         ========



7.   Reconciliation of net cash flow to movements in net funds/(debt)


                                                                1 April         Cash Flow       30 September
                                                                   2002             £'000               2002
                                                                  £'000                                £'000
funds:
Cash in hand and in bank                                          1,806             (252)              1,554
Bank overdraft                                                     (22)                 3               (19)
                                                               --------          --------           --------
                                                                  1,784             (249)              1,535
                                                               --------          --------           --------
Debt:
Convertible debt                                                (1,149)                 -            (1,149)
Bank loan                                                       (8,868)             (800)            (9,668)
                                                               --------          --------           --------
                                                               (10,017)             (800)           (10,817)
                                                               --------          --------           --------
Net debt                                                        (8,233)           (1,049)            (9,282)
                                                               ========          ========           ========




8.   Analysis of changes in net funds

                                                             Six months          Six months             Year
                                                                  ended               ended            ended
                                                           30 September        30 September         31 March
                                                                   2002                2001             2002
                                                                  £'000               £'000            £'000

Decrease in cash in the period                                    (249)               (425)          (2,433)
Cash flows from movement in net debt                              (800)                  21          (3,809)
                                                               --------            --------         --------

Change in net debt resulting from cash flow                     (1,049)               (404)          (6,242)
Non cash movement in net debt                                         -                   -          (1,618)
                                                               --------            --------         --------
Movement in net debt in the period                              (1,049)               (404)          (7,860)
Opening net debt                                                (8,233)               (373)            (373)
                                                               --------            --------         --------
Closing net debt                                                (9,282)               (777)          (8,233)
                                                               ========            ========         ========



9.   Copies of the interim financial statements

Copies of the interim financial statements will be sent to shareholders and
copies are available on request from the Company's head office at The Bridge,
12-16 Clerkenwell Road, London EC1M 5QU.





Further Enquiries:


Your Space PLC                                     Tel:  020 7324 6000
David Berry, Non-Executive Chairman
Chris Tidball, Finance Director




                      This information is provided by RNS
            The company news service from the London Stock Exchange