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Warthog PLC (WHOG)

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Tuesday 20 December, 2005

Warthog PLC

Interim Results

Warthog PLC
20 December 2005


                                 WARTHOG PLC


                                INTERIM RESULTS



Warthog plc (the 'Company'), today announces its interim results for the 6
months ended 30th September 2005.


                              Chairman's Statement


As I reported on 16 November 2005, Warthog plc has now received the £150,000
that was held in escrow pursuant to the Sale & Purchase Agreement dated 3rd
November 2004 when all the Company's subsidiaries at that date were sold to
Tiger Telematics Inc ('TGTL').  Since that time we have also received a share
certificate for 497,866 shares of common stock in TGTL, which had also been held
in escrow up to 4th November 2005 as security for any claims arising pursuant to
the Sale and Purchase Agreement.  We have received no notice of any such claims.


Unfortunately the company will only be able to trade these shares on the earlier
of TGTL being up to date with the filing of its quarterly financial statements
and the second anniversary of completion when the shares cease to be restricted
(in accordance with US securities laws).  At today's date TGTL has not filed its
quarterly statement for the quarter ended 30 September 2005 and currently we
remain unable to trade these shares.


At today's date the mid price of the TGTL stock was $5.005 which places a value
on the shares we own of £1,413,237 (assuming an exchange rate of $1.7632 to the
£GBP).  As we are not able to trade our TGTL stock it is not possible to predict
what its value will be when we are in a position to deal in that stock.
However, the recent performance of the TGTL stock is not encouraging and
accordingly the accounts for the six months to 30 September 2005 reflect a
diminution in value of £2,475,648.


The Directors continue to pursue acquisition opportunities.  Any such
discussions are difficult as the value of the TGTL stock cannot be reliably
ascertained.  There is no certainty that a satisfactory deal can be completed
within the foreseeable future.


The un-audited loss for the 6 months ended 30 September 2005 is therefore
£2,531,554 of which £37,906 represents ongoing administrative and listing costs.











Ian Templeton

Chairman



19 December 2005



Warthog PLC
-------------

Profit and Loss Account

Six months to                     Unaudited        Unaudited       Audited
30th September
2005
                                 Six Months       Six Months    Year ended
                Notes           ended 30/09/05   ended 30/09/04     31/03/05
                                       £                £             £

Turnover                                -        1,762,001     1,714,281
Cost of Sales                           -        2,427,146     2,735,371
Exceptional          2                  -        1,057,072       683,565
Costs
                                 -------          -------      --------
Gross Loss                              -       (1,722,217)   (1,704,655)

Other operating                    37,906          848,210     1,847,693
expenses (net)                    -------          -------      --------

                                 (37,906)      (2,570,427)   (3,552,348)
Operating
Loss

Diminution in                   (2,475,648)               -             -
value of
investments

                                       -                -     3,410,874
Profit on sale
of
discontinued
Operations
Profit on sale                         -                -       202,101
of intellectual
property
                                  -------          -------      --------
                              (2,513,554)      (2,570,427)       60,627
Loss on
ordinary
activities
before
interest

Investment                          0                0         1,428
income

Interest                           0           47,069        66,070
payable
                                 -------          -------      --------
Loss on                        (2,513,554)      (2,617,496)       (4,015)
ordinary
activities
before
taxation

Taxation             1             0          197,358       214,357
                              -------          -------      --------
Retained profit             (2,513,554)      (2,420,138)      210,342
/(loss) for the               =======          =======      ========
year

Earnings per         3        (0.72)p          (0.25)p        0.06p
ordinary share
- basic
Earnings per         3        (0.72)p          (0.25)p        0.06p
ordinary share
- diluted



Balance Sheet

30th September 2005                    Unaudited      Unaudited        Audited
                           Notes        30/09/05       30/09/04       31/03/05
                                               £              £              £
Fixed Assets
Intangible fixed assets                        -        202,101              -
Tangible assets                                1        361,296              1
Investments                            1,413,236              -      3,888,885
                                          --------       --------       --------
                                       1,413,237        563,397      3,888,885

Current Assets
Debtors                                  182,137      1,838,196        186,059
Cash at bank and in hand                  71,906        173,240        113,390
                                          --------       --------       --------
                                         254,043      2,011,436        299,499

Creditors: Amounts falling               (24,540)    (1,295,621)       (32,040)
due within one                            --------       --------       --------
year

Net current assets                       229,503        715,815        267,409
                                          --------       --------       --------

Total assets less current              1,642,740      1,279,212      4,156,294
liabilities

Creditors: Amounts falling
due after more
than one year                                  -              -              -

Provisions for liabilities                     -        (11,464)             -
and charges
                                          --------       --------       --------
                                       1,642,740      1,267,748      4,156,294
                                          ========       ========       ========
Capital and reserves
Called up share capital                3,478,821      3,282,844      3,478,821
Contingent share capital                       -        143,442              -
Share premium account                  9,555,365      9,225,937      9,555,365
Merger reserve                                 -         52,463              -
Profit and loss account         4    (11,391,446)   (11,436,938)   (8,8777,892)
                                          --------       --------       --------
                                       1,642,740      1,267,748      4,156,294
                                          ========       ========       ========



Consolidated cash flow                Unaudited        Unaudited       Audited
statement
                                     Six Months       Six Months    Year ended
                                  ended 30/09/05   ended 30/09/04     31/03/05
                                              £                £             £

Cash flow from operating     5          (41,484)      (1,641,533)   (2,594,366)
activities

Returns on investment and                     0          (47,068)      (64,642)
servicing of finance

Taxation                                      0           (1,055)     (194,159)

Capital expenditure and                       0        1,381,519     1,602,229
financial investment

Acquisitions and disposals                    0                -       496,115
of subsidiaries
                                        ---------       ----------      --------
Cash outflow before                     (41,484)        (308,137)     (366,505)
financing

Financing                                     0          120,532       119,050
                                        ---------       ----------      --------
Decrease in cash in the                 (41,484)        (187,605)     (247,455)
period                                  =========       ==========      ========


Notes to the interim accounts for the period to 30th September 2005


1 The interim report was approved by the directors on 19 December 2005. This
interim report has not been audited.


The interim report has been prepared using the accounting policies set out in
the Company's statutory accounts for the year ended 31st March 2005.


The results for the year ended 31st March 2005 are abridged from the 2005 annual
report and accounts which received an unqualified auditors' report and which
have been filed with the Registrar of Companies.


The financial information presented does not constitute statutory accounts
within the meaning of s240 CA85.

                             2
The taxation charge for the period is analysed as
follows:

                                     Six Months       Six Months    Year ended
                                  ended 30/09/05   ended 30/09/04     31/03/05
                                              £                £             £
Current Tax
UK Corporation Tax charge for                 0                0             0
the period
Foreign Tax                                   0                0             0
Adjustments in respect of                     0          197,358      (197,358)
previous periods                       ----------       ----------     ---------
                                              0          197,358      (197,358)
Deferred Tax
Origination of timing                         0                0       (16,999)
differences
                                       ----------       ----------     ---------
                                              0          197,358      (214,357)
                                       ==========       ==========     =========

3

Earnings per share

Earnings per share for the half year ended 30th September 2005 have been
calculated using the number of shares in issue throughout the six months to 30th
September 2005, being 347,882,123. Diluted earnings per share are the same as
basic earnings in view of the loss for the period.

                            4
The movement in shareholder funds is analysed as follows:

                                          Six Months       Six Months    Year ended
                                       ended 30/09/05   ended 30/09/04     31/03/05
                                                   £                £             £

Loss for the financial period             (2,513,554)      (2,420,138)   (4,205,929)

Translation gain on foreign                        0           71,434             0
currency net investments

Proceeds from the issue of                         0          120,532       645,937
shares

Contingent share capital                           0                0      (143,443)
                                            ----------        ---------       -------
Net reduction to shareholders'            (2,513,554)      (2,228,172)   (3,703,435)
funds

Opening shareholders' funds               (8,877,892)       3,495,920     7,859,728
                                            ----------        ---------       -------
                                         (11,391,446)       1,267,748     4,156,294
                                            ==========        =========       =======

                             5
Reconciliation of operating loss to net cash flow from operating activities

                                     Six Months       Six Months    Year ended
                                  ended 30/09/05   ended 30/09/04     31/03/05
                                              £                £             £

Operating loss                       (2,513,554)      (2,570,427)   (3,552,348)
Depreciation and amortisation                 0          747,756     1,159,099
Diminution in the value of           (2,475,648)               -             -
investments
Decrease in stocks                            0          435,678       380,123
(Increase)/Decrease in debtors            3,922         (484,609)     (262,853)
Increase/(Decrease) in                   (7,500)         140,667      (265,924)
creditors
Other non cash movements                      -           89,402       (52,463)
                                        ---------        ---------    ----------
Net cash flow from operating            (41,484)      (1,641,533)   (2,594,366)
activities                              =========        =========    ==========


6

Post Balance Sheet events


On the 19th December 2005 the Company's investment in Tiger Telematics stock was
valued at £1,413,237 based on a mid price of that stock of $5.005 at a rate of
$1.7632 to the £1.






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