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Gresham Computing (GHT)

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Monday 22 September, 2003

Gresham Computing

Interim Results

Gresham Computing PLC
22 September 2003

Embargoed until 07.00                                        22 September 2003

                             GRESHAM COMPUTING plc
                   ('Gresham', the 'Group' or the 'Company')


Financial Highlights
                                        To 30 June   To 30 June
                                              2003         2002
Turnover                                     £4.9m        £6.2m
Operating loss                               £1.2m        £1.9m
Profit before tax                           (£1.1m)       £2.7m
Basic earnings per share                    (2.24p)       4.94p

Gresham Computing plc, provider of enterprise software and solutions, announces
its interim results for the six-months ended 30 June 2003. The main results
highlights are as follows:

   • Operating loss down 40% to £1.2m

   • Primary focus is on delivering C&W Real Time Nostro

   • C&W Real Time Nostro now undergoing advanced operational testing

   • Integration & Storage divisions continue to face challenging market

   • Period-end cash balance of £6.3m

Andrew Walton-Green, Chief Executive Officer of Gresham, commented:
'Although trading conditions have become no easier we have reduced our operating
losses by 40%. The Group's principle focus remains on assisting Cable & Wireless
to deliver the Cable & Wireless Real Time Nostro ('RTN') service to the market.
Considerable progress has been made towards this goal and, at SIBOS next month,
the capabilities and competitive advantages of RTN will be demonstrated to the
wider banking community.

'Our focus is to deliver the significant medium and long term growth that we
believe the Group has the potential to achieve.'

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                                       22 September 2003

                             GRESHAM COMPUTING plc
                   ('Gresham', the 'Group' or the 'Company')

             INTERIM results for the SIX-MONTHS ended 30 JUNE 2003

I am pleased to report the Group's interim results for the six-months ended 30
June 2003. The Group's turnover for the period was £4.9 million (2002: £6.2
million). The operating loss was £1.2 million (2002: £1.9 million). Loss before
taxation was £1.1 million (2002: £2.2 million loss before the profit on disposal
of SIM, £2.7 million profit including the disposal of SIM) with a retained loss
for the period of £1.1 million (2002: £2.3 million profit). The resultant loss
per share is 2.24 pence.

The decrease in turnover is largely attributable to our contract staff and
recruitment agency. Trading conditions have become no easier than I indicated in
my last report. Notwithstanding this, we have significantly reduced the level of
operating loss and continued to invest in the development of the business.

The Group's financial position has been strengthened during the period by the
raising of £3.9 million though a share placement. As a result the net funds
position has increased from £3.9 million at 31 December to £6.3 million at 30


We have continued our strategy of focusing on the core areas of the business;
Banking, Integration and Storage.


The utilisation of real time information has become a major focus of the banking
sector. This focus will be evident at the major Industry exhibition of the year,
SIBOS, which is being held in Singapore from the 20th to 24th October.

Our primary focus in this area continues to be in the delivery of the
application software and marketing support to Cable & Wireless to assist them to
deliver the Cable & Wireless Real Time Nostro ('C&WRTN') service to the market.
Considerable progress has been made in the past few months. The announcement
made by Cable & Wireless on 15 May that four banks, ANZ Bank, Barclays, JP
Morgan Chase and Mizuho Corporate Bank, had agreed to provide data and to act as
a channel to market for the service was a critical step towards establishing the
service commercially.

The C&WRTN service is now undergoing advanced operational testing in readiness
for full operational deployment. C&WRTN continues to be well received by the
market. Cable & Wireless have indicated that discussions are advanced with a
number of further major financial institutions regarding data provision and use
of their service. At SIBOS the capabilities and competitive advantages of C&WRTN
will be demonstrated to the wider banking community.

C&WRTN will be a subscription based service and the Group will receive a share
of these revenues through its revenue sharing arrangement with Cable & Wireless.
Your board believes that although revenue from C&WRTN will not be significant in
2003, it will build significantly over the coming years.


Although our integration business has continued to create considerable interest,
particularly in the Finance and Banking sector, this interest is yet to result
in increased revenue in the year to date. We are actively developing
partnerships in order to increase our routes to market for our integration
product, Casablanca. We consider that our proven integration and development
capabilities will enable the level of opportunities to be sustained and
converted into an increasing revenue stream.


The market for storage products remains difficult particularly in the key US
market. We have expanded our current niche product range by increasing the
number of hardware platforms it serves. In addition we have continued to develop
our new product in order to enhance our offering to a wider storage market.


As I reported in April, we consider that C&WRTN is our most significant market
opportunity and that it has the potential to deliver the most substantial
returns in the Group's history. The continuing progress on C&WRTN has moved us
much closer to realising this opportunity. Although progress has been slower
than we hoped in the other strategic areas of our business, we believe that they
continue to have the potential to deliver shareholder value. Our focus is to
deliver the significant medium and long term growth that we believe the Group
has the potential to achieve.

Once again I must thank the staff and shareholders for their loyalty and
contribution to the progress we have made during the past few months.

Sid Green
22 September 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

for the six months ended 30 June 2003

                                      Six months    Six months   Year ended 31
                                   ended 30 June ended 30 June        December
                                            2003          2002            2002
                             Notes         £'000         £'000           £'000

Group turnover                   2         4,870         6,152          11,578
Cost of sales                              2,374         3,853           6,707
                                        ----------    ----------      ----------
Gross profit                               2,496         2,299           4,871
Administrative expenses          3         3,680         4,235           8,412
                                        ----------    ----------      ----------
Operating loss                            (1,184)       (1,936)         (3,541)
Share of operating loss
 in associate                                  -          (396)           (398)
                                        ----------    ----------      ----------
Total operating loss:
 group and share of
 associate                       3        (1,184)       (2,332)         (3,939)
Profit on sale  of operations
(discontinued operations)                      -         4,902           4,881
                                        ----------    ----------      ----------
(Loss)/profit on ordinary
 activities before interest and
 taxation                                 (1,184)        2,570             942
Net interest receivable                      116           104             206
                                        ----------    ----------      ----------
(Loss)/profit on ordinary
 activities before taxation               (1,068)        2,674           1,148
Taxation on (loss)/profit
 on ordinary activities          4           (11)          371             (27)
                                        ----------    ----------      ----------
(Loss)/profit on ordinary
 activities after taxation                (1,057)        2,303           1,175
                                        ----------    ----------      ----------
Retained (loss)/profit
 for the period                           (1,057)        2,303           1,175
                                        ==========    ==========      ==========

Basic earnings per share
 (pence)                         5         (2.24)         4.94            2.51
Diluted earnings per share
 (pence)                         5         (2.24)         4.87            2.45

at 30 June 2003
                                at 30 June      at 30 June       at 31 December
                                      2003            2002                2002
                                     £'000           £'000               £'000
Fixed assets
Intangible assets                    1,067           1,190               1,121
Tangible assets                      1,413           1,648               1,556
                                    --------        --------           ---------
                                     2,480           2,838               2,677
                                    --------        --------           ---------

Current assets
Debtors                              5,502           5,251               4,861
Cash at bank and in hand             6,327           5,284               4,009
                                    --------        --------           ---------
                                    11,829          10,535               8,870

Creditors: amounts falling due
 within one year                     3,478           4,350               3,498
                                    --------        --------           ---------
Net current assets                   8,351           6,185               5,372
                                    --------        --------           ---------
                                    --------        --------           ---------
Total assets less current
 liabilities                        10,831           9,023               8,049
                                    --------        --------           ---------

Creditors: amounts falling due
 after more than one year              674             588                 742
                                    --------        --------           ---------
                                    10,157           8,435               7,307
                                    ========        ========           =========

Capital and reserves
Called up share capital              2,430           2,349               2,350
Share premium account                9,529           5,699               5,701
Special reserve                        313             313                 313
Merger reserve                         726             726                 726
Profit and loss account             (2,841)           (652)             (1,783)
                                    --------        --------           ---------
Shareholders' funds - equity
 interests                          10,157           8,435               7,307
                                    ========        ========           =========

for the six months ended 30 June 2003
                                                Six months ended    Year ended
                                               30 June   30 June   31 December
                                                  2003      2002          2002
                                                 £'000     £'000         £'000
Operating loss                                  (1,184)   (1,936)       (3,541)
Depreciation                                       210       288           467
Amortisation                                        54        84           153
Loss on disposal of fixed assets                     -         3             -
Increase in debtors                               (630)     (141)         (286)
(Decrease)/increase in creditors                   (14)      113           (16)
Foreign exchange movement                           (9)       (9)            -
                                                 -------   -------      --------
Net cash outflow from operating activities      (1,573)   (1,598)       (3,223)
                                                 -------   -------      --------
Dividend received from associated
 undertaking                                         -         -            79
Returns on investment and servicing of finance
Net interest received                              113       112           204
Dividends paid to preference shareholders            -       (66)          (66)
                                                 -------   -------      --------
                                                   113        46           138
                                                 -------   -------      --------
Taxation paid                                      (13)      (27)          (38)
                                                 -------   -------      --------
Capital expenditure and financial investment
Payments to acquire tangible fixed assets          (41)     (140)         (194)
Receipts from sale of tangible fixed assets          -        44             3
                                                 -------   -------      --------
                                                   (41)      (96)         (191)
                                                 -------   -------      --------
Acquisitions and disposals
Disposal of subsidiary undertaking                   -     6,220             -
Disposal of associated undertaking                   -         -         6,751
Costs of disposal                                  (16)       (3)         (173)
                                                 -------   -------      --------
                                                   (16)    6,217         6,578
                                                 -------   -------      --------
Repayment of short-term loans                        -      (250)         (250)
Repayments of finance leases                       (60)      (68)         (130)
Net proceeds of shares issued                    3,908       102           105
                                                 -------   -------      --------
Net inflow/(outflow) from financing              3,848      (216)         (275)
                                                 -------   -------      --------
Increase in cash in the period                   2,318     4,326         3,068
                                                 =======   =======      ========

Group net funds
Opening net funds                                3,928       513           513
Closing net funds                                6,288     5,157         3,928

at 30 June 2003

1   The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group's 2002 statutory financial statements
and are unaudited. The interim financial statements do not constitute statutory
financial statements within the meaning of section 240 of the Companies Act

2   Turnover and segmental analysis
    All turnover relates to continuing operations.

  Analysis of turnover by business segment:

                   Six months ended 30 June 2003  Six months ended 30 June 2003
                              Inter-                         Inter-
                  Segment    Segment    External  Segment   Segment    External
                 turnover   turnover    turnover turnover  turnover    turnover
                    £'000      £'000       £'000    £'000     £'000       £'000
   Solutions        1,453          -       1,453    1,518       (18)      1,500
    contract staff    988         (7)        981    2,026       (36)      1,990
    solutions       2,441         (7)      2,434    3,544       (54)      3,490
    software        2,436          -       2,436    2,694       (32)      2,662
                    4,877         (7)      4,870    6,238       (86)      6,152

  Geographical analysis of turnover by source:

                   Six months ended 30 June 2003  Six months ended 30 June 2003
                              Inter-                         Inter-
                  Segment    Segment    External  Segment   Segment    External
                 turnover   turnover    turnover turnover  turnover    turnover
                    £'000      £'000       £'000    £'000     £'000       £'000
   United Kingdom   2,950        (12)      2,938    4,030       (11)      4,019
   North America    1,128        (24)      1,104    1,055        (9)      1,046
   Rest of World    1,198       (370)        828    1,693      (606)      1,087
                    5,276       (406)      4,870    6,778      (626)      6,152

  Geographical analysis of turnover by destination:

                                  Six months ended 30
                                 June             June
                                 2003             2002
                                £'000            £'000
   United Kingdom               2,675            3,876
   Europe                         375              802
   North America                  774              702
   Rest of World                1,046              772
                                4,870            6,152

3 Operating loss
  Included  within administrative expenses in the year ended 31 December  2002
  is  £252,000 relating to exceptional reorganisation and restructuring costs.
  There  are  no  such costs in the 6 months ended 30 June 2002 and  6  months
  ended 30 June 2003.

4 Earnings per share
  Earnings  per share has been calculated in accordance with FRS 14 using  the
  following earnings and weighted average shares outstanding:

                                               Six months ended      Year ended
                                              30 June     30 June   31 December
                                                 2003        2002          2002
       Earnings                                 £'000       £'000         £'000
       Basic and fully diluted earnings        (1,057)      2,303         1,175
                                               (1,057)      2,303         1,175

       Weighted average number of shares
       Basic weighted average              47,186,369  46,636,479    46,816,200
       Potential ordinary shares                    -     688,605     1,197,072
       Fully diluted weighted average      47,186,369  47,325,084    48,013,272

  Diluted earnings per share are identical to basic earnings per share for the
  6 months ended 30 June 2003 because potential diluting events would have the
  effect of reducing the loss per ordinary share.

5 Reconciliation of
  shareholders' funds
                                                  Six months ended  Year ended
                                                 30 June   30 June 31 December
                                                    2003      2002        2002
                                                   £'000     £'000       £'000
  (Loss)/profit for the period                    (1,057)    2,303       1,175
  Exchange difference on retranslation of
   net assets of subsidiary undertakings              (1)        2          (1)
  Total recognised gains and losses               (1,058)    2,305       1,174
  Shares issued                                    3,908       102         105
  Total movements during the  year                 2,850     2,407       1,279
  Opening shareholders' funds                      7,307     6,028       6,028
  Closing shareholders' funds                     10,157     8,435       7,307

6 An interim report will be sent to all shareholders by 30 September 2003 and
  will be available to all members of the public during normal business hours
  at the company's registered office: Sopwith House, Brook Avenue, Warsash,

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

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