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Your Space PLC (YSP)

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Thursday 22 December, 2005

Your Space PLC

Interim Results

Your Space PLC
22 December 2005


Your Space Plc ('Your Space' or the 'Company') is pleased to announce its
unaudited Interim Results for the six months ended 30 September 2005


•        Turnover of £1,670,000 up £324,000 (24%)

•        Profit before tax of £178,000 (2004 loss of £117,000)

•        Profit per share of 0.89p

•        Net asset value increase of £1,528,000 since period end 31 March 2005

•        Planning permission granted to increase floor space at New Mount Street

•        Property portfolio increase in value £1,350,000


I am pleased to report on the unaudited results for the six months period ended
30 September 2005.  The operating profit before taxation for the period was
£178,000 compared to a loss of £117,000 for the same period in 2004 on turnover
of £1,670,000 (2004: £1,348,000).

As previously indicated when our 2004 annual results were released in September,
the new executive team comprising CEO, Shaun Mealey and Finance Director, Jim
Millar, on their appointment immediately commenced a review of the Group's
business. The effect of the resultant changes is evident in these results, with
our like for like comparable interims significantly improved from last year.

The group has enjoyed like for like sales growth of 24% and an increase of
almost 80% in the gross profit margin to 33%.  It has also registered an
increase in its net asset value during  this period of £1,528,000 from
£5,363,000 last year to £6,890,000. Some £1,350,000 of this increase follows the
revaluation of the property portfolio.

In September we consolidated our share capital whereby every 10 ordinary shares
was consolidated into 1 new ordinary share.  Shareholders also approved a share
buy back. Following the half-year end, we are restructuring part of our loan
book and expect to secure additional funding at more favourable terms with the
Bank of Ireland.  The effect of this restructuring will be to generate an
additional £2,000,000 of cash.

We are now examining market opportunities, including the sale and lease back of
existing assets and acquisition of new properties. We will also consider
purchasing shares in the open market should the opportunity arise.  The Board
will evaluate the best return on capital, to maximize shareholder value.

Trading has been good in the period. Your Space Clerkenwell Limited remains
fully occupied and a profitable contributor to the group.

Worskspace Northwest Ltd, which owns and manages our assets in Manchester and
the Midlands, is continuing to improve its performance and as indicated in our
September statement we have increased the average rent by 25% since January
2005.  This has mainly been accomplished by refurbishment of the existing office
space at New Mount St, Manchester to a higher quality specification in keeping
with a Grade II listed building.  All space that has been refurbished to this
standard has been successfully let and we currently have 75% of the building
occupied with the balance under restoration.  We plan to finish the works in the
last quarter of the current financial year.

Planning permission has now been granted to extend the Grade II listed property
at New Mount Street Manchester, creating potential for a further 9000 sq ft of
office space to let.  We await confirmation of planning consent relating to the
application made for the proposed student accommodation block on the adjacent
car-park that we own.

We plan to commence refurbishment work of our Midland asset based at Willenhall
in early February 2006 and, once again, as disclosed in our September
announcement, we have identified an additional 8,000 sq ft of floor space that
can be utilised for serviced offices.  Excluding this space, the site currently
has an occupancy level of 68%.  The Board intends to refurbish all current empty
space at the site, plus the aforementioned additional 8,000 sq ft to a high
standard comparable with the works being currently carried out at the Manchester
site.  All works are managed by our in-house project management team.

Falconstate Limited continues to let its property at Frampton St, London, NW8 to
Psion plc and we retain our interest in the management of properties in
Bishopsgate and Hammersmith.

We are also pleased to announce that Mr Steve Turton will be joining the Board
as Development Director in January 2006.  His focus will be new property
acquisitions. Steve has a wealth of knowledge in commercial property, having
spent the past 20 years in this sector working for the Royal Bank of Scotland.
In 2004 Steve was awarded the Royal Bank of Scotland Manager of the Year award
for the northern region and the Your Space Board is extremely pleased to have
attracted someone of Steve's experience and calibre to the executive team.

I would like to thank all Your Space employees who are working extremely hard to
make the business a success.  As recognition of their commitment the
remuneration committee has recommended an award of options to key employees and
managers within the group.  The number of options to be granted will cover a
total of 450,000 shares when exercised.

A special thank you is also in order to Mr Laurence Davies our non-executive
Director who has kindly waived his entitlement to 200,000 options so the net
effect is an increase of  250,000 share options but spread amongst numerous
employees within the group.  The options will not be able to be exercised until
the end of 2008.

Finally, the past year has seen significant changes for your company and for the
first time since our conception in 2000 we are trading at a pre-tax profit and
with a significant increase in net asset value.  I look to the future with

Chris Philips Chairman Your Space plc


                                     Six months ended 30     Six months ended 30      Year ended 31 March
                                          September 2005          September 2004                     2005
                                                   £'000                   £'000                    £'000
Turnover                                           1,672                   1,348                    2,671
Operating expenses                               (1,120)                 (1,100)                  (2,313)
Net operating profit                                 552                     248                      358

Interest receivable                                    0                       7                       12
Interest payable                                   (374)                   (372)                    (753)

Profit/(Loss) on ordinary                            178                   (117)                    (383)
activities before taxation

Taxation                                               0                       0                        0

Profit/(Loss) on ordinary                            178                   (117)                    (383)
activities after taxation

Profit/(Loss) per share*                           0.89p                 (0.06p)                  (0.19p)

*Figures shown are basic and diluted earnings per share in these unaudited
accounts is based on 19,777,45 shares in issue following the consolidation in
issued shares 1 for 10.

Continuing operations

All amounts are derived from continuing operations.


                                       Six months ended        Six months ended 30
                                      30 September 2005             September 2004     Year ended 31 March
                                            (unaudited)                (unaudited)          2005 (audited)
                                                  £'000                      £'000                   £'000

Profit/(Loss) for the financial                     178                      (117)                   (383)

Unrealised surplus/(deficit) on                   1,350                          0                     800
revaluation of investment properties

Total recognised gains and losses                 1,528                      (117)                     417
relating to the period


                             AS AT 30 SEPTEMBER 2005

                                                 30 September 2005       30 September 2004         31 March 2005
                                                       (unaudited)             (unaudited)             (audited)
                                                             £'000                   £'000                 £'000
Fixed assets
Negative goodwill                                                0                 (1,056)                     0
Tangible assets                                             17,425                  15,078                15,662
                                                            17,425                  14,022                15,662
Current assets
Debtors                                                        539                     378                   399
Cash at bank and in hand                                     (153)                     667                   515
                                                               386                   1,045                   914

Creditors amounts falling due within one year              (1,603)                 (1,433)               (1,754)

Net current liabilities                                    (1,217)                   (388)                 (840)

Total assets less current liabilities                       16,208                  13,634                14,822

Creditors amounts falling due after more than              (9,317)                 (9,650)               (9,459)
one year

Total assets less liabilities                                6,891                   3,984                 5,363

Capital and reserves
Called up share capital                                      1,978                   1,978                 1,978
Share premium account                                        4,489                   4,489                 4,489
Revaluation reserve                                          1,542                   (608)                   192
Profit and loss account                                    (1,118)                 (1,875)               (1,296)

Equity shareholders funds                                    6,891                   3,984                 5,363

                    30 SEPTEMBER 2005

                                                   Six months ended     Six months ended 30        Year ended 31
                                                  30 September 2005          September 2004           March 2005
                                                              £'000                   £'000                £'000
Net cash flow from operating activities                         388                     339                  439

Return on investment and servicing of finance
Interest payable                                              (374)                   (372)                (753)
Interest received                                                 0                       7                   12
Taxation                                                          0                       0                    0

Capital expenditure and financial investment
Payments to acquire tangible assets                           (419)                    (41)                 (29)
Net cash flow before management of liquid                     (526)                    (67)                (331)
resources and financing

Issue of share capital                                            0                       0                  120
Repayment of bank loan                                        (181)                   (116)                (208)

Decrease in cash in the period                                (584)                   (183)                (419)


1.                  Basis of preparation

The results for the six months ended 30 September 2005 are unaudited but have
been reviewed by the auditors, whose report appears as part of this report. They
have been prepared on accounting bases and policies that are consistent with
those used in the preparation of the financial statements of the company for the
year ended 31 March 2005 which were audited.

The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 Companies Act 1985. The results for
the year ended 31 March 2005 were reported on by the auditors and received an
unqualified audit report. Full accounts for the year ended 31 March 2005 have
been delivered to the Registrar of Companies.
2. Dividend

No dividend is proposed for the six months ended 30 September 2005.

3. Taxation

                              Six months ended     Six months ended 30     Year ended 31 March
                             30 September 2005        September 2004                2005
                                     £'000                 £'000                   £'000
UK Corporation tax                     0                      0                        0
Adjustments to prior years             0                      0                        0

Current tax charge                     0                      0                        0

There is no provision for UK corporation tax due to tax losses incurred by the
group companies subject to agreement with Inland Revenue. No deferred tax assets
have been recognised on accumulated tax losses due to uncertainty over the time
of such utilisation.

4. Profit per share

The calculation of the basic profit per share is based on the profit before tax
of £177,621 and on 19,777,548 ordinary shares being the weighted average number
of ordinary shares in issue during the period, and following the 1 for 10
consolidation. There is no dilutive effect of options and warrants.

5. Reconciliation of movements in shareholders' funds

                                                      Six months          Six months       Year ended
                                                        ended 30            ended 30         31 March
                                                  September 2005      September 2004             2005
                                                           £'000               £'000            £'000

Profit/Loss for the financial period                         178                (117)            (383)
Other recognised gains and losses                          1,350                   0              800
Proceeds from share issue                                      0                   0                0
Net additions to/(depletion) of shareholders funds         1,528                (117)             417
Opening shareholders funds                                 5,363               4,101            4,946

Closing shareholders funds                                 6,891               3,984            5,363

Year ended 31 March 2005 includes a prior year adjustment for £845,000 relating 
to negative goodwill.

6. Net cash flow from operating activities

                                        Six months ended    Six months ended                     Year                   
                                       30 September 2005   30 September 2004      ended 31 March 2005
                                                   £'000               £'000                    £'000

Operating profit                                     552                 248                      358
Amortisation                                           0                   3                     (211)
Depreciation                                           6                  45                      249
Decrease/(increase)in debtors                       (140)                 28                     (113)
Increase in creditors                                (28)                 15                      156

Net cash flow from operating activities              388                 339                      439

7. Reconciliation of net cash flow to movements in net funds/(debt)

                                                               30 September 2005
                               1 April 2005          Cash flow             £'000
                                      £'000              £'000

Cash in hand and at bank                431               (584)             (153)
Bank loan                           (9,797)                181            (9,616)
Net debt                            (9,366)               (403)           (9,769)

8. Analysis of changes in net funds

                                            Six months ended    Six months ended 
                                           30 September 2005   30 September 2004  Year ended 31 March 2005
                                                       £'000               £'000                     £'000
Decrease in cash in the period                          (584)               (183)                     (419)
Cash flows from movement in net debt                     181                 116                       208
Change in net debt resulting from cash flow             (403)                (67)                     (211)
Non cash movement in net debt                              0                  (3)                        0
Movement in net debt in the period                      (403)                (70)                     (211)
Opening net debt                                      (9,366)             (9,155)                   (9,155)
Closing net debt                                      (9,769)             (9,225)                   (9,366)

9. Copies of the interim financial statements

Copies of the interim financial statements will be sent to shareholders and 
copies will be available on request from the Company's head office at The Bridge, 
12-16 Clerkenwell Road, London EC1M 5QU.

Further Enquiries:

Your Space PLC

Chris Phillips                                     Tel:020 7487 1720

Jim Millar                                         Tel: 0161 953 4000

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

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