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Gresham Computing (GHT)

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Wednesday 16 April, 2003

Gresham Computing

Final Results

Gresham Computing PLC
16 April 2003

                                                   
Embargoed until 07.00                               16 April 2002

                                
                      GRESHAM COMPUTING plc
            ('Gresham', the 'Group' or the 'Company')
                                
     PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002


Financial Highlights
                                               2002          2001
Turnover - continuing operations             £11.6m        £18.3m
Operating loss                                £3.5m         £3.9m
Profit before tax                             £1.1m       £(1.0)m
Earnings per share                            2.51p       (3.32)p


Gresham  Computing  plc,  provider of  enterprise  software  and
solutions, announces its preliminary results for the year  ended
31 December 2002. The main results highlights are as follows:

  •  Disposal of remaining interest in SIM Group Ltd completed in
     April 2002 for £7.4m
  
  •  The Real Time Nostro ('RTN') service is expected to produce
     first revenue in H2 2003 and roll-out across the industry in the
     medium term

  •  New version of Casablanca has generated significant market
     interest, although the market remains difficult

  •  Significant long-term growth potential

  •  Period-end cash balances of £4.0m (2001: £0.5m)

Andrew   Walton-Green,  Chief  Executive  Officer   of   Gresham,
commented:
'RTN  is now a major banking industry focus. While it has been  a
long  haul  to get us to this point, I now believe that  we  have
every  reason to expect a significant upturn in out  fortunes  in
the  medium and long term, as a result of having this unique real
time  solution.  I expect the initial roll-out of RTN  will  only
result  in  modest  additional revenue in 2003,  as  the  banking
industry  absorbs  the  impact of real time  Nostro  information.
Thereafter, I would expect revenues to grow considerably  as  the
banks  reap the full benefit of the RTN service provided  by  our
partner, Cable & Wireless.'

Sid Green, Chairman of Gresham, commented:
'We  consider  that  RTN has the potential to  deliver  the  most
significant returns in the Group's history.'


For further information, please contact:

Gresham Computing plc                              020 7653 0228
Andrew Walton-Green, Chief Executive Officer

Weber Shandwick Square Mile                        020 7067 0700
Tim Jackaman
Christian Taylor-Wilkinson

Embargoed until 07.00                              16 April 2002
  
                                
                      GRESHAM COMPUTING plc
            ('Gresham', the 'Group' or the 'Company')
                                
     PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002

Results
I  am  pleased to report the Group's final results for the  year
ended  31  December 2002.  Comparative figures are  for  the  14
months  to  31  December 2001 following our change in  financial
year-end in 2001.

The  Group's  turnover for the period was £11.6  million  (2001:
£18.3  million from continuing operations).  The operating  loss
was  £3.5  million (2001: £3.9 million).  Profit before taxation
was  £1.1 million (2001: £1 million loss) with retained  profits
for  the  period of £1.2 million (2001: £1.5 million loss).  The
resultant  basic  earnings per share is 2.51 pence  (2001:  3.32
pence loss).

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 objective of generating long term growth.

On  15  April  2002  the Group completed  the  disposal  of  its
remaining  interest in SIM Group Limited for  proceeds  of  £7.4
million  resulting in a profit on disposal in the year  of  £4.9
million.    Overall  the  disposal of SIM Group  realised  £13.3
million with a profit on disposal of £7.5 million.

From the date of the disposal of the first tranche of shares  on
25  June  2001 until the disposal of the remaining  shares,  SIM
Group Limited was included in Gresham's results as an associated
undertaking.  The profit before tax for the year includes a £0.4
million  loss  related  to the trading activities  and  goodwill
amortisation of SIM Group Limited (2001: £0.4 million profit).

The  Group's financial position has been strengthened during the
period  with  a net funds position at 31 December 2002  of  £3.9
million (2001: £0.5 million).

Strategy
We  have continued our strategy of focusing on the areas of  the
business  that  we  consider to have the  potential  to  deliver
substantial shareholder returns over the medium and  long  term;
Finance  and  Banking, Integration and Storage  Management.   We
have  continued  to  invest in the business  and  we  have  made
considerable progress towards our strategic objectives.

Banking
The   utilisation  of  nostro  information  in  real  time   has
increasingly  become a major banking industry initiative.   This
is highlighted by the announcement, in March 2003, of the merger
of  the  Cable & Wireless and SWIFT working parties forming  the
Real  Time  Nostro Account Information Steering Group consisting
of 18 major banks. The International Payments Conference held in
London  this month further demonstrated the importance  of  this
initiative.

Our  primary focus in this area continues to be the delivery  of
the Real Time Nostro ('RTN') service to the market with Cable  &
Wireless.  Although it is taking longer to bring the service  to
market than we initially expected, we believe that RTN is  well-
placed to take advantage of the increased banking focus in  this
area.    Considerable  progress  has  been  made   towards   the
implementation  of  the service in the  past  few  months.   The
product  is  undergoing operational testing in  preparation  for
full  user acceptance testing.    RTN has been well received  by
the  market and discussions are advanced with a number of  major
financial institutions regarding the utilisation of the service.
We  expect  the  service to commence revenue generation  in  the
second  half of the year. Your Board believes that revenue  from
RTN  will build significantly over time as the service is rolled
out.

Integration
Through  our  continued investment in our  flagship  integration
product,  Casablanca has developed into a leading offering  with
world-class  potential.  Casablanca facilitates  the  rapid  and
effective  integration of legacy and open  systems  without  the
need  for  large-scale system redevelopment.  These capabilities
combined  with the proven ability to enable the rapid deployment
of  a Single Customer View are generating considerable interest,
particularly  in the Finance and Banking sector. Although  these
opportunities  are  yet  to result in  significant  revenue,  we
expect that the competitive advantages of Casablanca will enable
the  level of opportunities to be sustained and that these  will
be  converted  into  an increasing revenue stream  as  the  year
progresses.

Storage
The  market for storage products remains highly competitive with
price  competition  being  one of the key  differentiators.  The
results   achieved   by   our   Storage   division   have   been
disappointing. Our development programme seeks to rationalise as
well  as  expand  the scope and functionality of  our  range  of
storage  products in order to enhance our offering to the  wider
storage   market.   A  key  success  factor  for  this  enhanced
streamlined  product  offering  will  be  the  establishment  of
effective  routes  to  market.   Consequently  we  are  actively
seeking  to  develop partnership arrangements with  the  largest
application and storage vendors in the market.

Outlook
Over  the past year considerable progress has been made  towards
our  objective  of  providing the  group  with  a  platform  for
sustainable  long  term growth.  We consider that  RTN  has  the
potential to deliver the most significant returns in the Group's
history.    The next twelve months will be pivotal in  achieving
our objectives.  Although market conditions remain difficult, we
are  encouraged  by the increasing market interest  in  RTN  and
Casablanca.  Our focus will be to realise the interest  that  we
have  generated in order to deliver the significant  medium  and
long term growth that we believe is achievable.

The progress of the past few months has only been possible as  a
result  of  the enthusiasm, dedication and loyalty of our  staff
and the support of our shareholders.  To all of them I extend my
heartfelt thanks and look forward to seeing their confidence  in
the Company fully justified during the next twelve months.

Sid Green
Chairman
15 April 2003


For further information, please contact:

Gresham Computing plc                              020 7653 0228
Andrew Walton-Green, Chief Executive Officer

Weber Shandwick Square Mile                        020 7067 0700
Tim Jackaman
Christian Taylor-Wilkinson



GRESHAM COMPUTING plc
Group Profit and Loss Account
for the year ended 31 December 2002    
                                       Before                               Before  
                                      goodwill     Goodwill     Total     goodwill      Goodwill     Total
                                  amortisation amortisation     group amortisation  amortisation     group
                                         Year ended 31 December             14 months ended 31 December
                              Notes       2002        2002       2002         2001        2001        2001
                                         £'000       £'000      £'000        £'000       £'000       £'000
----------------------------------------------------------------------------------------------------------
TURNOVER                                                                                                    
Continuing operations                  11,578           -     11,578       18,321           -      18,321
Discontinued operations                     -           -          -        6,440           -       6,440
----------------------------------------------------------------------------------------------------------
Group turnover                    2    11,578           -     11,578       24,761           -      24,761
Cost of sales                           6,707           -      6,707       13,988           -      13,988
----------------------------------------------------------------------------------------------------------
GROSS PROFIT                            4,871           -      4,871       10,773           -      10,773
----------------------------------------------------------------------------------------------------------
Administrative expenses - pre-          
  exceptional items                     8,052         108      8,160       12,643         627      13,270
Administrative expenses -        
  exceptional items               3       252           -        252          260       1,155       1,415
----------------------------------------------------------------------------------------------------------
Administrative expenses                 8,304         108      8,412       12,903       1,782      14,685
----------------------------------------------------------------------------------------------------------
OPERATING LOSS                         (3,433)       (108)    (3,541)      (2,130)     (1,782)     (3,912)
----------------------------------------------------------------------------------------------------------
Continuing operations                  (3,433)       (108)    (3,541)      (3,034)     (1,533)     (4,567)
Discontinued operations                     -           -          -          904        (249)        655
Share of operating (loss)/profit in      
  associate                              (342)        (56)      (398)         450         (88)        362
----------------------------------------------------------------------------------------------------------
TOTAL OPERATING LOSS: GROUP AND                                                                             
  SHARE OF ASSOCIATE                   (3,775)       (164)    (3,939)      (1,680)     (1,870)     (3,550)
                                                                                                  
Profit on disposal of                                                                             
  tangible fixed assets
  (continuing operations)         3         -           -          -           84           -          84
Profit on sale of operations                                                                                          
 (discontinued operations)        3      4,881          -       4,881       2,647           -       2,647
----------------------------------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY                
  ACTIVITIES                             1,106       (164)        942       1,051      (1,870)       (819)
BEFORE INTEREST AND TAXATION                                                                             
Interest receivable                        234          -         234          53           -          53
Interest payable                           (28)         -         (28)       (207)          -        (207)
----------------------------------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES                                                                       
BEFORE TAXATION                          1,312       (164)      1,148         897      (1,870)       (973)
Taxation on profit/(loss) on              
  ordinary activities                      (27)         -         (27)        444           -         444
----------------------------------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES                                                                       
  AFTER TAXATION                         1,339       (164)      1,175         453      (1,870)     (1,417)
Dividends - non-equity interests             -          -           -          66           -          66
----------------------------------------------------------------------------------------------------------
RETAINED PROFIT/(LOSS) FOR THE                                                                       
  YEAR/PERIOD                            1,339       (164)      1,175         387      (1,870)     (1,483)
----------------------------------------------------------------------------------------------------------

Basic earnings per share (pence)  4       2.86      (0.35)       2.51        0.87       (4.19)      (3.32)
Diluted earnings per share (pence)4       2.79      (0.34)       2.45        0.87       (4.19)      (3.32)
----------------------------------------------------------------------------------------------------------   


GRESHAM COMPUTING plc
Group Balance Sheet
at 31 December 2002

                                                               2002      2001
                                                              £'000     £'000
-----------------------------------------------------------------------------
FIXED ASSETS
Intangible assets                                             1,121     1,274
Tangible assets                                               1,556     1,832
Investment in associate                                           -     2,865
-----------------------------------------------------------------------------
                                                              2,677     5,971
-----------------------------------------------------------------------------

CURRENT ASSETS
Debtors                                                       4,861     4,008
Cash at bank and in hand                                      4,009       958
-----------------------------------------------------------------------------
                                                              8,870     4,966
-----------------------------------------------------------------------------

Creditors: amounts falling due within one year                3,498     4,146
-----------------------------------------------------------------------------
NET CURRENT ASSETS                                            5,372       820
-----------------------------------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES                         8,049     6,791
-----------------------------------------------------------------------------

Creditors: amounts falling due after more than one year         742       763
-----------------------------------------------------------------------------
                                                              7,307     6,028
-----------------------------------------------------------------------------

CAPITAL AND RESERVES
Called up share capital                                       2,350     2,332
Share premium account                                         5,701     5,614
Special reserve                                                 313       313
Merger reserve                                                  726       726
Profit and loss account                                      (1,783)   (2,957)
-----------------------------------------------------------------------------
SHAREHOLDERS' FUNDS - equity interests                        7,307     6,028
-----------------------------------------------------------------------------

GRESHAM COMPUTING plc
Group Statement of Cash Flow
for the year ended 31 December 2002

                                                             Year    14 months
                                                         ended 31     ended 31
                                                         December     December
                                                             2002         2001
                                                 Note       £'000        £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES          6      (3,223)        (848)
------------------------------------------------------------------------------
DIVIDEND RECEIVED FROM ASSOCIATED UNDERTAKING                  79            -
------------------------------------------------------------------------------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received                                             232           39
Interest paid                                                 (28)        (207)
Dividends paid to preference shareholders                     (66)        (132)
------------------------------------------------------------------------------
                                                              138         (300)
------------------------------------------------------------------------------
TAXATION
Corporation tax paid                                          (38)        (154)
Overseas tax received                                           -           10
------------------------------------------------------------------------------
                                                              (38)        (144)
------------------------------------------------------------------------------                  
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets                    (194)        (477)
Receipts from sale of tangible fixed assets                     3          442
------------------------------------------------------------------------------
                                                             (191)         (35)
------------------------------------------------------------------------------                
ACQUISITIONS AND DISPOSALS
Disposal of subsidiary undertaking                              -        5,850
Disposal of associated undertaking                          6,751            -
Costs of disposal                                            (173)        (434)
Net cash disposed of with subsidiary undertaking                -         (363)
------------------------------------------------------------------------------ 
                                                            6,578        5,053
------------------------------------------------------------------------------                  
NET CASH INFLOW BEFORE FINANCING                            3,343        3,726
------------------------------------------------------------------------------ 
FINANCING
Issue of share capital                                        105            -
Repayment of long-term loans                                    -       (2,500)
Receipt of short-term loans                                     -          250
Repayment of short-term loans                                (250)        (219)
Repayments of finance leases                                 (130)        (216)
------------------------------------------------------------------------------ 
Net outflow from financing                                   (275)      (2,685)
------------------------------------------------------------------------------ 
INCREASE IN CASH IN THE YEAR/PERIOD                         3,068        1,041
------------------------------------------------------------------------------ 

Reconciliation of Net Cash Flows to Movement in Net Funds
Increase in cash                                            3,068        1,041
Cash inflow from increase in loans                              -          (31)
Repayments of loans                                           250        2,500
Repayments of capital element of finance leases               130          216
------------------------------------------------------------------------------ 
Change in net funds resulting from cashflows                3,448        3,726

Finance lease obligations disposed of with subsidiary           -          109
  undertaking
Inception of finance leases                                   (19)        (105)
Exchange differences                                          (14)           -
------------------------------------------------------------------------------ 
MOVEMENT IN NET FUNDS                                       3,415        3,730
NET FUNDS/(DEBT) AT 1 JANUARY/1 NOVEMBER                      513       (3,217)
------------------------------------------------------------------------------ 
NET FUNDS AT 31 DECEMBER                                    3,928          513
------------------------------------------------------------------------------ 

GRESHAM COMPUTING plc
Group Statement of Total Recognised Gains and Losses
for the year ended 31 December 2002
                                                             Year    14 months
                                                         ended 31     ended 31
                                                         December     December
                                                             2002         2001
                                                            £'000        £'000
------------------------------------------------------------------------------ 
                
Profit/(loss) for the financial year/period                 1,175       (1,417)
Exchange difference on retranslation of net assets of          
  subsidiary undertakings                                      (1)          (2)                         
------------------------------------------------------------------------------ 
Total recognised gains and losses relating to the year/     
  period                                                    1,174       (1,419)
------------------------------------------------------------------------------

Reconciliation of Group Shareholders' Funds
for the year ended 31 December 2002
                                                             Year    14 months
                                                         ended 31     ended 31
                                                         December     December
                                                             2002         2001
                                                            £'000        £'000
------------------------------------------------------------------------------                  

Total recognised gains and losses                           1,174       (1,419)
Dividends                                                       -          (66)
Issue of shares                                               105            -
------------------------------------------------------------------------------
Total movements during the year/period                      1,279       (1,485)
Opening shareholders' funds                                 6,028        7,513
------------------------------------------------------------------------------
Closing shareholders' funds                                 7,307        6,028
------------------------------------------------------------------------------


GRESHAM COMPUTING plc

NOTES TO THE PRELIMINARY RESULTS ANNOUNCEMENT 
FOR THE YEAR ENDED 31 DECEMBER 2002

1. The above financial information does not constitute statutory accounts
as defined in section 240 of the Companies Act 1985. The results for the year
ended 31 December 2002 and the balance sheet at that date are extracted from the
statutory accounts (on which the auditors have given an unqualified opinion),
which will be filed with the Registrar of Companies. The comparative financial
information is extracted from the statutory accounts for the 14 months ended 31
December 2001 (on which the auditors have given an unqualified opinion), which
have already been sent to shareholders and filed with the Registrar of
Companies.

2.  Turnover and segmental analysis

Analysis of turnover
by segment:
                                      Inter                               Inter
                       Turnover     segment    External    Turnover     segment     External
                                   turnover    turnover                turnover     turnover
                            Year ended 31 December             14 months ended 31 December

                           2002        2002        2002        2001        2001         2001
                          £'000       £'000       £'000       £'000       £'000        £'000
-------------------------------------------------------------------------------------------- 
Solutions                 2,549           -       2,549       4,748          (2)       4,746
Specialist contract       
  staff                   3,456         (55)      3,401       6,167      (1,291)       4,876
--------------------------------------------------------------------------------------------                 
Enterprise solutions      6,005         (55)      5,950      10,915      (1,293)       9,622
Enterprise software       5,628           -       5,628       8,699           -        8,699
--------------------------------------------------------------------------------------------
Continuing operations    11,633         (55)     11,578      19,614      (1,293)      18,321
SIM Testing(discontinued)     -           -           -       6,449          (9)       6,440
--------------------------------------------------------------------------------------------
                         11,633         (55)     11,578      26,063      (1,302)      24,761
--------------------------------------------------------------------------------------------
 
Geographical analysis of turnover by source:

                                      Inter                               Inter
                       Turnover     segment    External    Turnover     segment     External
                                   turnover    turnover                turnover     turnover
                            Year ended 31 December            14 months ended 31 December

                           2002        2002        2002        2001        2001         2001
                          £'000       £'000       £'000       £'000       £'000        £'000
--------------------------------------------------------------------------------------------
United Kingdom-           
  continuing operations   7,755          (3)      7,752      12,742      (1,244)      11,498
United Kingdom-                       
  discontinued operations     -           -           -       6,449          (9)       6,440
North America             2,799        (751)      2,048       4,710        (226)       4,484
Rest of World             2,764        (986)      1,778       2,765        (426)       2,339
--------------------------------------------------------------------------------------------
                         13,318      (1,740)     11,578      26,666      (1,905)      24,761
--------------------------------------------------------------------------------------------

Geographical analysis of turnover by destination:

                                                                           Year    14 months
                                                                       ended 31     ended 31
                                                                       December     December
                                                                           2002         2001
                                                                          £'000        £'000
--------------------------------------------------------------------------------------------
United Kingdom-continuing operations                                      7,006       10,002
United Kingdom-discontinued operations                                        -        6,440
Europe                                                                    1,049        1,730
North America                                                             1,918        4,498
Rest of World                                                             1,605        2,091
--------------------------------------------------------------------------------------------
                                                                         11,578       24,761
--------------------------------------------------------------------------------------------

Common costs comprise the costs of all central group services.
Analysis of profit/(loss) on ordinary activities before taxation by segment

                            Profit/                                 Profit/ 
                             (loss)                                  (loss)                          
                             before        Goodwill     Total        before        Goodwill     Total
                           goodwill    amortisation     Group      goodwill    amortisation     Group
                                 Year ended 31 December                14 months ended 31 December
                               2002            2002      2002          2001            2001      2001
                              £'000           £'000     £'000         £'000           £'000     £'000
-----------------------------------------------------------------------------------------------------
Enterprise solutions         (2,626)            (60)   (2,686)       (2,106)            (72)   (2,178)
Enterprise software             339             (48)      291           737          (1,461)     (724)
-----------------------------------------------------------------------------------------------------
Continuing operations        (2,287)           (108)   (2,395)       (1,369)         (1,533)   (2,902)
SIM Testing (discontinued)        -               -         -           904            (249)      655
-----------------------------------------------------------------------------------------------------
                             (2,287)           (108)   (2,395)         (465)         (1,782)   (2,247)
Common costs                 (1,146)              -    (1,146)       (1,665)              -    (1,665)
-----------------------------------------------------------------------------------------------------
Operating loss               (3,433)           (108)   (3,541)       (2,130)         (1,782)   (3,912)
Share of operating             
  (loss)/profit of associate   (342)            (56)     (398)          450             (88)      362 
-----------------------------------------------------------------------------------------------------
Total operating loss:        
group and share of associate (3,775)           (164)   (3,939)       (1,680)         (1,870)   (3,550)
Non-operating exceptional 
  items                       4,881               -     4,881         2,731               -     2,731
Net interest receivable/   
  (payable)                     206               -       206          (154)              -      (154)
-----------------------------------------------------------------------------------------------------  
Profit/(loss) on              
  ordinary activities           
  before taxation             1,312            (164)    1,148           897          (1,870)     (973)
-----------------------------------------------------------------------------------------------------

Analysis of profit/(loss) on ordinary activities before taxation by source:
                              £'000           £'000     £'000         £'000           £'000     £'000
----------------------------------------------------------------------------------------------------- 
United Kingdom               (1,835)              -    (1,835)         (238)              -      (238)
North America                  (491)              -      (491)         (977)         (1,411)   (2,388)
Rest of World                    39            (108)      (69)         (154)           (122)     (276)
-----------------------------------------------------------------------------------------------------
                             (2,287)           (108)   (2,395)       (1,369)         (1,533)   (2,902)
United Kingdom (discontinued)     -               -         -           904            (249)      655
----------------------------------------------------------------------------------------------------- 
                             (2,287)           (108)   (2,395)         (465)         (1,782)   (2,247)
Common costs                 (1,146)              -    (1,146)       (1,665)              -    (1,665)
-----------------------------------------------------------------------------------------------------
Operating loss               (3,433)           (108)   (3,541)       (2,130)         (1,782)   (3,912)
Share of operating             
  (loss)/profit of associate   (342)            (56)     (398)          450             (88)      362           
-----------------------------------------------------------------------------------------------------
Total operating loss:        
  group and share
  of associate               (3,775)           (164)   (3,939)       (1,680)         (1,870)   (3,550)
Non-operating                 
  exceptional items           4,881               -     4,881         2,731               -     2,731
Net interest                    
  receivable/(payable)          206               -       206          (154)              -      (154)     
-----------------------------------------------------------------------------------------------------
Profit/(loss) on              
  ordinary activities           
  before taxation             1,312            (164)    1,148           897          (1,870)     (973)
-----------------------------------------------------------------------------------------------------

3. Exceptional items

                                                                Year  14 months
                                                            ended 31   ended 31
Recognised in arriving at operating loss:                   December   December
                                                                2002       2001
                                                               £'000      £'000
-------------------------------------------------------------------------------
Reorganisation and restructuring costs                           252        263
Provision for impairment in value of goodwill                      -      1,155
Reversal of previous provision for impairment in value of          
  freehold property                                                -       (125)
Provision for impairment in value of leasehold property            
  improvements                                                     -        122                                  
-------------------------------------------------------------------------------
Total exceptional costs                                          252      1,415
-------------------------------------------------------------------------------

Recognised after operating loss:
Profit on disposal of tangible fixed assets                        -         84
Profit on sale of 50.01% interest in SIM Group Limited             -      2,647
Profit on sale of 49.99% interest in SIM Group Limited         4,881          -
-------------------------------------------------------------------------------
Total exceptional profits                                      4,881      2,731
-------------------------------------------------------------------------------

4. Earnings per share

The calculations of earnings per share are based on the following profits and
numbers of shares.
                                                         Year        14 months
                                                     ended 31         ended 31
                                                     December         December
                                                         2002             2001
                                                        £'000            £'000
------------------------------------------------------------------------------
Profit/(loss) for the year/period                       1,175           (1,483)
------------------------------------------------------------------------------

                                                         Year        14 months
                                                     ended 31         ended 31
                                                     December         December
                                                         2002             2001
                                                    number of        number of
                                                       shares           shares
------------------------------------------------------------------------------
Weighted average number of shares:
For basic earnings per share                       46,816,200       44,625,110
Potential ordinary shares                           1,197,072                -
------------------------------------------------------------------------------
Diluted weighted average number of shares          48,013,272       44,625,110
------------------------------------------------------------------------------

For the period ended 31 December 2001, the loss attributable to ordinary
shareholders and weighted average number of ordinary shares for the purpose of
calculating the diluted earnings per ordinary share are identical to those used
for basic earnings per ordinary share. This is because the potential diluting
events would have the effect of reducing the loss per ordinary share and are
therefore not dilutive under the terms of FRS 14.

5. Dividends

The directors do not propose the payment of an ordinary dividend in respect of
the year ended 31 December 2002.

6. Reconciliation of operating loss to net cash flow from operating
activities

                                                              Year   14 months
                                                          ended 31    ended 31
                                                          December    December
                                                              2002        2001
                                                             £'000       £'000
------------------------------------------------------------------------------
Operating loss                                              (3,541)     (3,912)
Depreciation                                                   467         887
Amortisation                                                   153       1,903
(Increase)/decrease in creditors                              (286)      1,150
Decrease in creditors                                          (16)       (876)
------------------------------------------------------------------------------          
Net cash outflow                                            (3,223)       (848)
------------------------------------------------------------------------------
            
7. This preliminary statement of results will not appear as an
advertisement in any newspaper but the annual report is being sent to all
shareholders by 25 April 2003 and copies will be available to members of the
public from the company's registered office: Sopwith House, Brook Avenue,
Warsash, Southampton SO31 9ZA.









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            The company news service from the London Stock Exchange