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West End Ventures Plc (WEVP)

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Monday 02 February, 2009

West End Ventures Plc

Half-yearly report for dotMailer Limited

dotDigital Group Plc

Interim Results for the six months ended 31 October 2008 for dotMailer Limited

dotDigital  Group  Plc  ("dotDigital" or "the Company")  the  digital  marketing
company admitted to the PLUS market today, announces interim results for the six
months  to  31 October 2008. These results are unusual in that they exclude  the
Company  (formerly  West End Ventures Plc) entirely but provide  investors  with
recent  knowledge  of the financial and trading position of the  newly  acquired
subsidiary, dotMailer Limited. Moreover it is the Company's intention  to  adopt
an April year end for the enlarged group.

HIGHLIGHTS

  ·    56% increase in turnover following launch of new email marketing product
  ·    Successful reverse takeover of West End Ventures Plc
  ·    Strong growth in new clients in the period
  ·    Customer base of over 1800  diversified across a wide range of industry
       sectors
  ·    Launch of staff share option scheme on admission to PLUS
  ·    Digital marketing remains resilient to UK economic decline


Peter Simmonds, Chief Executive, dotDigital Group Plc, commented:

"We  are  well  positioned  to  benefit from the accelerated  shift  to  digital
marketing.  UK companies struggling in the economic downturn need to demonstrate
clear  returns  on  marketing investment at far cheaper rates  than  traditional
types of advertising and marketing.

"Despite  the  economic downturn many industry forecasts  still  expect  digital
marketing  to  continue  its rapid growth over the  next  two  years. The  board
believes that dotMailer is well positioned to take advantage of this growth  and
we look forward to continuing growth in high quality recurring  revenues from  a
highly diverse customer base."
                                                                 2 February 2009

Enquiries:

dotDigital Group Plc                Tel: 0845 337 9170
Peter Simmonds, CEO

Alfred Henry Corporate Finance      Tel: 020 7309 2222
Jon Isaacs/Nick Michaels

Haggie Financial LLP                Tel: 020 7417 8989
Kathy Boate

The directors accept responsibility for this announcement.



Chairman's and Chief Executive's Report

Introduction

The  launch  of dotDigital into the public domain is a continuation  of  a  plan
formulated  by the directors in 2006. Two years ago we took the view  that,  the
Company  was  well placed to capture a significant share of the rapidly  growing
market  for  email marketing and other forms of digital marketing.  Accordingly,
since this time, we have been investing in staff and new product development, we
have  become one of the leaders in our field as we have seen the industry  trend
moving in line with our predictions.

In  tandem  with  our  enhanced  level of business  development   we  have  been
focussing  on the processes and procedures within the company and in almost  all
regards  ensuring that the levels of reporting and corporate governance  matched
the strict criteria expected of a publicly quoted company.

Overview of Operations

dotMailer  Limited  was  founded in 1999 by three of its  current  directors  to
provide bespoke website design and development services and in 2001 the business
was  transitioned  towards the provision of email marketing services  through  a
branded service which became `dotMailer'. The `dotMailer' product is an internet
based  self  service platform, which enables organisations to  create  and  send
email based communications to their clients and prospects.

dotMailer  has  built an excellent reputation in the UK for the provision  of  a
wide  range  of  digital  marketing services to  its  broad  base  of  corporate
customers.  These  customers include other marketing and  advertising  agencies,
which  sub-contract  their e-mail marketing functions to the Company.  dotMailer
also  provides  services  to an increasing number of  charities  which  use  the
Company's  services  as  an  economical method  of  reaching  their  donors  and
supporters.

Investment in online marketing, trade shows and PR together with the creation of
a  motivated  and  effective sales team has resulted in  the  number  of  Active
Clients growing by 486% over the past two years.

Financial Summary

During the first half of the financial year sales grew by 56%, almost exactly in
line  with  our  plans. This was the result of our investment in marketing,  the
growth  and development of the sales team and also the successful launch of  the
latest version of our email marketing platform.

The  strategy of the board is to continually seek opportunities to grow revenues
which are recurring in their nature. During the period under review over 40%  of
revenues were recurring either from email marketing or web development services.

In  line  with  our  strategy of preparing the business  for  future  growth  we
invested  heavily during the period in building our technical team, growing  our
sales  team,  strengthening  the  administration  functions  and  perhaps   most
critically,  augmenting our management capacity to ensure we had the  management
bandwidth to cope with future expansion.

These  investments in the future have not only enabled us to continually develop
our  email  marketing  platform but have also seen the beta  release  of  a  new
ecommerce product and a new web site tracking and analytics tool in the period.

This  strategy, combined with a move away from dividend payments for  directors'
remuneration  and  the  exceptional costs of  preparing  the  business  for  due
diligence and subsequent PLUS Market admission, resulted in costs increasing  by
96% over the equivalent period in the prior year.

The board believes this investment strategy has positioned the business well for
exploiting the growth opportunities in the digital marketing arena.

Overall profit after tax declined from £294,000 to £268,000 for the half year, a
drop of 8.8% which was in line with the business plan.

The  business has been strongly cash generative during the period with cash from
operations  of £219,000 in the period and the balance sheet remains strong  with
capital and reserves attributable to shareholders rising to £968,000 by the  end
of the period.

Cash and Cash Equivalents

In October 2008 an Administration Order was made in relation to Kaupthing Singer
and Friedlander Limited, a bank where the Company had £170,000 on deposit. Based
upon  the  rules  published  by  the  Financial  Services  Compensation  Scheme,
correspondence and conversations with a senior claims officer of the scheme, the
Directors  consider  that they will shortly recover all  of  the  aforementioned
balance.  Irrespective of such recovery, the Directors believe this  event  will
not  impact on the company's ability to settle its liabilities as and when  they
fall due.

Progress during the period

The six months under review have seen a continuation in the robust growth of the
business despite the general UK economic decline. Although our business  is  not
entirely  insulated  from  the  tightening  in  consumer  demand,  our   results
demonstrate  that  clients  are  tending  to  switch  their  budgets  away  from
traditional forms of marketing in favour of our highly accountable offerings.

We  enjoy  an extremely diversified earnings base through over 1800 clients  and
anticipate  further growth following the successful launch of our  latest  email
marketing product and the planned launch of our new e-commerce product.


Staff

We  work  hard to recruit and hang on to the highest quality and most  ambitious
staff  in  our industry. Moreover we are committed to presenting an  environment
suited to personal career development and in this regard have put together plans
for  a  staff  share option scheme which assumes greater relevance as  a  quoted
company.   We  have  announced  more  details  of  this  scheme  in  a  separate
announcement today.

Outlook

We  are  well  positioned  to  benefit from the  accelerated  shift  to  digital
marketing.  UK companies struggling in the economic downturn need to demonstrate
clear  returns  on  marketing investment at far cheaper rates  than  traditional
types  of advertising and marketing. Despite the economic downturn many industry
forecasts still expect digital marketing to continue its rapid growth  over  the
next  two  years. The board believes that dotMailer is well positioned  to  take
advantage  of  this  growth  and we look forward to continuing  growth  in  high
quality recurring  revenues from a  highly diverse customer base.

David Pacy, Chairman
Peter Simmonds, Chief Executive





DOTMAILER LIMITED
INTERIM RESULTS 2008
Income Statement
                                                                          Restated
                                       Six months to 31   Six months to 31 October    Year to 30 April
                                           October 2008                       2007                2008
                                            (unaudited)                (unaudited)           (audited)
                                                  £'000                      £'000               £'000

  Revenue                                         1,756                      1,124               2,474

  Cost of sales                                       -                          -                   -

  Gross profit                                    1,756                      1,124               2,474

  Distribution costs                                  -                          -                   -

  Administration expenses                         1,424                        727               1,748

  Operating profit                                  332                        397                 726

  Interest payable and
  Similar charges                                   (6)                        (1)                 (3)
  Interest receivable and                            13                         10                  24
  similar income

  Loss on sale of property,                           -                          -                   -
  plant and equipment

  Profit before tax                                 339                        406                 747


  Taxation                                         (71)                      (112)               (180)


  Profit attributable to
  Equity shareholders                               268                        294                 567





DOTMAILER LIMITED
INTERIM RESULTS 2008
Balance Sheet
                                                                       Restated
                                 As at 31 October 2008    As at 31 October 2007   As at 30 April 2008
                                           (unaudited)              (unaudited)             (audited)
                                                 £'000                    £'000                 £'000
   ASSETS
   Non current assets
   - Intangible                                      -                        -                     -
   - Tangible                                      134                      106                   138
                                                   134                      106                   138

   Current assets
   - Trade and other                               587                      420                   445
   receivables
   - Stock                                           -                        -                     -
   - Cash and cash                                 798                      557                   684
   equivalents
                                                  1385                      977                 1,129

   Total Assets                                  1,519                    1,083                 1,267

   EQUITY
   Capital and reserves
   attributable to
   shareholders
   of the company
   - Ordinary shares                                 1                        1                     1
   - Share premium                                   -                        -                     -
   - Other reserves                                  -                        -                     -
   - Minority interest                               -                        -                     -
   - Retained earnings                             967                      715                   775
                                                   968                      716                   776
   LIABILITIES
   Current Liabilities
   - Financial liabilities                           3                        1                     7
   - Trade and other                               295                      186                   304
   payables
   - Current tax liabilities                       253                      180                   180
                                                   551                      367                   491

   Non-current liabilities
   - Financial liabilities                           -                        -                     -
   - Other non current                               -                        -                     -
   liabilities
                                                     -                        -                     -

   Total Equity and                              1,519                    1,083                 1,267
   Liabilities




DOTMAILER LIMITED
INTERIM RESULTS 2008
Cash Flow Statement
                                                                       Restated
                                   As at 31 October 2008       As at 31 October   As at 30 April 2008
                                                                           2007
                                             (unaudited)            (unaudited)             (audited)
                                                   £'000                  £'000                 £'000

   Cash flows from operating
   Activities
   -Generated from operations                        219                    347                   730
   -Tax paid                                           -                      -                  (68)


                                                     219                    347                   662
   Cash flows from investing
   Activities
   -Purchase of property plant
   and equipment                                    (32)                   (19)                  (76)

   Net cash used in investing
   Activities                                       (32)                   (19)                  (76)

   Cash flows from financing
   Activities
   - Interest paid                                   (6)                    (1)                   (3)
   - Interest received                                13                     10                    24
   - New borrowings                                    -                      -                    65
   - Repayment of loans                              (4)                    (5)                     -
   - Repayments of finance                             -                      -                     -
   leases
   - Equity dividends paid                          (76)                  (125)                 (338)

   Net cash used in financing
   activities                                       (73)                  (121)                 (252)

   Net decrease/increase in
   cash
   and cash equivalents                              114                    207                   334

   Cash equivalents at
   beginning of
   the period                                        684                    350                   350

   Cash equivalents at the end
   of the period                                     798                    557                   684




DOTMAILER LIMITED
INTERIM RESULTS 2008
Statement of Changes In Equity
                                                                        Restated
                                  As at 31 October 2008    As at 31 October 2007      As at 30 April
                                                                                                2008
                                            (unaudited)              (unaudited)           (audited)
                                                  £'000                    £'000               £'000


    Opening balance                                 776                      547                 547

    - Profit for the period                         268                      294                 567
    - Conversion adjustment
     to IFRS.                                         -                        -                   -
    - Share based payments                            -                        -                   -
    - Equity dividends paid                        (76)                    (125)               (338)


    Closing balance                                 968                      716                 776






DOTMAILER LIMITED
INTERIM RESULTS 2008
Notes to interim statements

  1.   Summary of significant accounting policies

       Basis of preparation

       The  financial  information  set out in  this  interim  report  does  not
       constitute statutory accounts as defined in Section 240 of the  Companies
       Act  1985.  The  Company's statutory financial statements  for  the  year
       ended  30  April  2008, prepared under International Financial  Reporting
       Standards  (IFRS)  have been filed with the Registrar of  Companies.  The
       auditor's report on those statements was unqualified.

       The  interim  financial  information  has  been  prepared  in  accordance
       International  Financial Reporting Standards and on the  same  basis  and
       using  same  accounting policies as used in the financial statements  for
       the  year ended 30 April 2008. The interim financial statements have  not
       been audited.


 2.    Restatement of comparatives

       The  information with regards to the 6 months to 31 October 2007 has been
       restated  to  reflect a change in the accounting policies to  IFRS  which
       has  had  not material impact on the figures. Full details of the  change
       and  its impact on previous financial statements can be found in the full
       audited statutory financial statements for the year ended 30 April 2008.


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

                                                                         Restated
                                 As at 31 October 2008      As at 31 October 2007    As at 30 April
                                                                                               2008
                                           (unaudited)                (unaudited)         (audited)
                                                 £'000                      £'000             £'000


   Profit before tax                               339                        406               747
   Finance costs                                     6                          1                 3
   Finance income                                 (13)                       (10)              (24)

   Operating profit                                332                        397               726

   Depreciation                                     36                         19                43
   Increase in receivables                       (141)                      (169)             (193)
   Increase in payables                            (8)                        100               154

                                                   219                        347               730



4.     Cash and Cash Equivalents
       In October 2008 an Administration Order was made in relation to Kaupthing Singer
       and Friedlander Limited, a bank where the Company had £170,000 on deposit. Based
       upon  the  rules  published  by  the  Financial  Services  Compensation  Scheme,
       correspondence and conversations with a senior claims officer of the scheme, the
       Directors  consider  that they will shortly recover all  of  the  aforementioned
       balance.  Irrespective of such recovery, the Directors believe this  event  will
       not  impact on the company's ability to settle its liabilities as and when  they
       fall due.


5.     Copies of Interim report

       A  copy  of  the  interim report is available on the  Company's  websites
       www.dotmailer.co.uk  and www.dotdigitalgroup.com