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Jetcam Intl.Hds.Ld (JTC)

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Monday 23 October, 2000

Jetcam Intl.Hds.Ld

Interim Results

Jetcam International Holdings Ld
23 October 2000

              JETCAM International Holdings Limited
                   ('JETCAM' or 'the Group')
 Consolidated Interim Results for the Six Months ended 30 June
JETCAM  develops  and  markets software systems  for  computer
programming  of punching and cutting machines  used  in  sheet
metal fabrication.

I  am  pleased  to report the results of JETCAM  for  the  six
months  ended  30  June  2000. Group turnover  has  more  than
doubled to £2,055,000 (1999: £902,000). Profit before tax  and
goodwill  amortisation  was £154,000  (1999:  £300,000).  This
profit  is after charging £85,000 amortisation of goodwill  on
the  acquisition of Camtek Limited ('Camtek').  These  results
reflect  the acquisition of Camtek, together with an  increase
in  expenses, to which I refer below, which have been  carried
for  most of the period. They also include an exceptional item
of   £116,000  from  the  sale  of  intellectual  property  to plc, a newly formed  B2B  portal  for  the
sheet metal industry.

JETCAM International dealer revenues increased overall by some
47%  compared  to  the  same  period  last  year.  Whilst  OEM
revenues,  which are largely denominated in Euros,  also  rose
some 26%, the increase was largely offset by the exchange loss
caused  by the weakness of the Euro. Sales in Camtek  UK  were
also slightly higher, despite weakness in the Yen.

Review of operations
The  first  half of the financial year has been  marked  by  a
concentrated effort to implement the key outstanding  elements
of   product   development  and  the   marketing   and   sales
infrastructure needed to enable the Group to grow its business
aggressively.  There  has,  as a result,  been  an  inevitable
increase   in  associated  costs,  resulting  in  considerable
additional expense being incurred in the period under  review.
However, your Directors believe that this investment, although
costly  in the short term, will ensure higher returns  in  the
medium term.

The  JETCAM UK sales operation has been streamlined  with  the
full  integration  of  its operations with  those  of  Camtek,
resulting in a reduction in trading losses experienced earlier
in  the  year.  These losses were largely  caused  by  adverse
market  conditions in the UK manufacturing sector due  to  the
strength of sterling, exacerbated by problems particularly  in
the  motor industry. However, your Directors believe that  the
UK  still  holds great potential for the Group  and  that  the
marketing resources put in place at the beginning of the  year
will   enable   JETCAM  to  take  full  advantage   of   those

A  business development manager for Europe has been  appointed
and  new  dealers  are  now beginning to  generate  additional
enquiries   and  sales.  Clive  Daykin,  our  Group  financial
controller, has been appointed Group finance director in place
of  Ian  Ilsley  who remains on the Board as  a  non-executive
Director.  In addition, Geoff Hawkesford is stepping down as a
director   of  the  Company  and  from  day-to-day   executive
responsibility  for  Camtek,  but  will  continue  to  provide
consultancy services in the area of software development.  The
administrative  systems, which were under development  in  the
second half of last year, have now been completed. In parallel
with  this, the fabrication products of JETCAM and Camtek have
been co-ordinated under a single product development strategy,
which  allows  the  Group  to  maximise  the  utilisation   of
development resources and to minimise the time to  market  for
new product features and functionality.
A  significant  event  during  the  period  was  the  sale  of
intellectual  property  developed by JETCAM  International  in
exchange  for  cash  and a 40% holding in
plc,  a company which is being developed independently of  the
Group but which will provide continuing consultancy income. In
the  event that the corporate ambitions of
are  fully  realised, JETCAM should become a major beneficiary
in terms of its asset base.

New product launch
A  major  new  product, Pentacut(TM), was released  in  September
2000, after the end of the period under review. Pentacut(TM) is 
a system  for  3D sheet metal component manufacture programming.
This  important product release means that Group products  now
meet the needs not just for flat metal manufacturers, but also
for manufacturers of complex three-dimensional components such
as  those  found in automobiles, domestic appliances  and  the
aerospace  industry. Pentacut(TM) is already generating  a  great
deal  of  interest,  opening doors to previously  inaccessible
OEMs as well as enhancing the reputation and sales momentum of
our existing products.

In  addition to the release of Pentacut(TM), we have developed 
an important  new user configurable interface to our  fabrication
products, which, again, has attracted a great deal of interest
in the OEM community. The interface gives OEMs the opportunity
to  supply  an 'own-label' version of the software, which  the
Directors  of  JETCAM  believe, is difficult  with  competitor

US activity
Our  activities in the USA are increasing and sales of  JETCAM
products  are now being channelled through the Atlanta  office
of  Camtek  USA,  as the base for building and supporting  the
Group dealer network.  A significant order from a large,  high
profile US customer has helped in reinforcing existing product
presence in this important market and created a great deal  of
new interest in what we have to offer.

In  view of the trading results for the first six months, your
Board  believes  it  is  prudent not  to  declare  an  interim
dividend. The dividend policy will be reviewed in the light of
the outcome for the year as a whole.

Current trading and prospects
As already indicated above, the trends in dealer and OEM sales
for   JETCAM  International  have  been  encouraging  with   a
significant  increase in sales compared to  the  corresponding
period  last  year and the trend is expected to continue.  The
Group  is also in active discussion on several major  OEM  and
joint  venture  opportunities.   One  of  these  ventures  has
already  been  agreed,  with  the  recent  announcement  of  a
technology partnership with Virtek ((TSE): VRK) a provider  of
advanced  laser systems for sheet metal component  inspection.
Under  this  agreement, the companies will  work  together  to
provide  a  customised  version  of  the  JETCAM  Expert   CNC
programming  system  which  will be integrated  with  Virtek's
laser inspection machines. This will result in some sales this
year,  but  the  major impact is likely in the next  financial
year.  The  Directors  believe that the major  reorganisation,
which  has  taken place in the UK operations,  in  particular,
will begin to reverse the operating profit decline experienced
in  the  first  half  of the financial  year,  although,  the
outcome  for  the Group for the current financial  year  as  a
whole,   is   expected  to  fall  short  of   current   market

Camtek  UK's  sales  are  expected to increase  following  the
release  of  the  new Pentacut(TM) product, which is  stimulating
interest  across  the  whole fabrication  product  range.  New
features  in  the  mill/turn area are expected  to  accelerate
sales  through  existing OEM relationships and Camtek  USA  is
expected  to  benefit  from  new  third  party  sales  channel
initiatives.   The   considerable   investment   in    product
development  and Group infrastructure made during the  current
financial  year is expected to yield tangible results  in  the
financial performance of the Group in the medium term.


JETCAM International Holdings Limited   Tel: 00 377 97 97 16 40
John Wright
George Kynoch                       Tel: 0860 452 6066

College Hill                        Tel: (00 44) 20 7 457 2020
Chelsea Allen                       [email protected]

             JETCAM International Holdings Limited
         Consolidated Interim Profit and Loss Account
                 Six Months ended 30 June 2000

                                Half        Year        Half
                                year       ended        year
                                2000    31/12/99        1999
                               £'000       £'000       £'000
Turnover                       2,055       2,200         902
Cost of sales                   (116)       (134)        (47)
Gross profit                   1,939       2,066         855
Administrative expenses       (1,901)     (1,661)       (555)
Operating profit                  38         405         300
Exceptional profit               116           -           -
Profit on ordinary                                 
before taxation                  154         405         300
Taxation                           -         (35)          -
Profit for the period            154         370         300
Dividend paid and                  -        (474)          -
Retained profit for the          154        (105)        300
Earnings Per Share                                 
Basic                            0.7p        2.7p        1.7p
Diluted                          0.7p        2.6p        1.7p

        Statement of Total Recognised Gains and Losses
                 Six Months ended 30 June 2000

Profit for the Financial         154         370         300
Currency translation              85         (16)         22
Total gains and losses           239         354         322
recognised since last
annual report

             JETCAM International Holdings Limited
              Consolidated Interim Balance Sheet
                         30 June 2000

                              Period       Year      Period 
                               ended      ended       ended
                            30/06/00    31/12/99    30/06/00 
                               £'000      £'000       £'000  
Fixed Assets                                                
Tangible assets                  530        544         121       
Investments                        1          1           -         
Intangible asset               3,415      3,387           -         
                               3,946      3,932         121       
Current Assets                                              
Stocks                            12         20           -         
Trade debtors                    924      1,094         570       
Other debtors                    369        121          96        
Prepayments and accrued           13         50          45        
Cash at bank and in hand         313        366         303       
                               1,631      1,651       1,014     
Creditors: amounts                                          
due within one year                                         
Trade creditors                  304        327          24        
Other taxes and social           114        185           -         
Accruals and deferred             89        222         174       
Dividend payable                 250        333           -         
                                 757      1,067         198       
Net Current Assets               874        584         816       
Total assets less              4,820      4,516         937       
current liabilities
Creditors: amounts                                          
falling due after more
than one year
Provisions for                   (97)      (132)          -         
liabilities and charges
Net Assets                     4,723      4,384         937       
Capital and Reserves                                        
(see note 4)                                                
Called up share capital          144        143         113       
Contributed surplus            3,995      3,896          36        
Profit and loss account          584        345         788       
Equity Shareholders'           4,723      4,384         937       

             JETCAM International Holdings Limited
               Consolidated Cash Flow Statement
                 Six Months ended 30 June 2000

                                        Half       Year          Half
                                        year                    year
                                       ended      ended         ended
                                    30/06/00    31/12/99      30/06/99
                                       £'000      £'000         £'000
Cash flows from operating                                  
  Operating profit                       154        405           300
  Depreciation                            58         56            15
  Amortisation of goodwill                85         29             -
  Exchange differences                   107        (35)           20
  Decrease in warranty provision         (35)         -             -
  Decrease in stock                        8          -             -
  (Increase)/decrease in trade           170       (265)          (34)
  (Increase)/decrease in other          (211)       207           (99)
debtors and prepayments
  Increase/(decrease) in                (224)         -           102
Net cash inflow from operating           112        397           304
Capital expenditure and                                    
financial investment
  Payments to acquire tangible           (44)       (93)          (78)
fixed assets
Acquisitions on investment and                             
servicing of finance:
  Purchase of subsidiary                 (13)     (2,256)           -
Equity dividends paid                   (108)       (142)           -
Cash (outflow) before use of             (53)     (2,094)         226
liquid resources and financing
  Issue of share capital                   -       3,210          309
  Share issue expenses                     -        (789)        (271)
(Decrease)/increase in cash              (53)        327          264
during the period
Analysis of movement in net                                
  (Decrease)/increase in cash            (53)        327          264
during the period
Net funds at 1 January 2000              366          39           39
Net funds at 30 June 2000                313         366          303

             JETCAM International Holdings Limited
          Notes to the Interim Financial Information
               for the Period Ended 30 June 2000

1.   Results

     The   six  month  results  have  been  prepared  on   the
     historical  cost basis.  They are unaudited  and  do  not
     constitute  statutory  accounts  within  the  meaning  of
     section 240 of the Companies Act 1985.

2.   Earnings per share

     The calculation for earnings per share is based on profit
     after  tax  divided  by the weighted  average  number  of
     shares in issue during the financial period.  The diluted
     earnings  per share calculation is based on profit  after
     tax, divided by the weighted average number of shares  in
     issue  as  adjusted for the dilution effect of  the  full
     exercise  of  all ordinary share options granted  by  the

4.   Reserves

                                 Share    Contributed          
                               Capital        Surplus   Reserves
                                 £'000          £'000     £'000
     At 1st January 2000           143          3,896       345
     Shares issued                   1             99         -
     Retained profit for the         -              -       154
     Currency translation            -              -        85
     At 30th June 2000             144          3,995       584

5.   Copies of this report are to be sent to all shareholders
     and are available from Cornhill Secretaries Limited, 1
     Snow Hill, London EC1A 2EN.


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