Interim Results

CPL Resources PLC
16 February 2000


CPL RESOURCES PLC ('CPL')

Chairman's Interim Statement

I am pleased to report strong performance across all aspects of your Group for
the six months ended 31st December 1999. Net fee income of EUR5million was 37%
up on the same period last year (1998: EUR3.7million). Pre-tax profits
increased by 32% to EUR2million (1998: EUR1.5 million). Earnings per share
amounted to EUR4c an improvement of 33%.

The Group's organic growth continues to be strong in all sectors and
locations. An office in Belfast was opened in September 1999 and further
expansion is planned. Opportunities to grow by acquisition are also being
pursued actively. In addition, significant resources are being applied to the
development of internet-related business within the Group.

The Directors have declared an interim dividend, the Group's first, of 
EUR0 1/2c per ordinary share. The interim dividend is subject to Irish dividend
withholding tax (DWT). Dividends will be due and payable on 7 April, 2000 to
holders of ordinary shares at close of business on the record date of 10 March,
2000. Copies of the interim statement will be posted to shareholders and will be
available at the Group's registered office.


John Hennessy                Registered Office:
Chairman                     83 Merrion Square
                             Dublin 2

16 February 2000

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 31 DECEMBER 1999


                            Half year ended    Half year ended    Year ended
                              31 December          31 December     30 June
                 Notes            1999                1998           1999
                                 EUR'000            EUR'000         EUR'000
                               (Unaudited)         (Audited)       (Audited)

Turnover                           11,542             9,644          20,761

Cost of sales                      (6,538)           (5,991)        (13,184)
                                ---------         ---------       ---------
Gross Profit                        5,004             3,653           7,577
        
Administrative expenses            (2,412)           (1,823)         (3,755)
Distribution expenses                (620)             (318)           (621)
                                ---------         ---------       ---------
Operating Profit                    1,972             1,512           3,201

Interest payable and similar 
charges                               (14)              (30)            (48)
                                ---------         ---------        --------
Profit on Ordinary Activities before 
Taxation                            1,958             1,482           3,153

Taxation on profit on ordinary 
activities                           (520)             (469)           (968)
                                ---------         ---------        --------
Profit on Ordinary Activities 
after 

Taxation                            1,438             1,013           2,185

Dividends Proposed             2     (181)                -               -
                                ---------         ---------         -------
Retained Profit for the 
Financial Period                    1,257             1,013           2,185

Profit and Loss Account, start 
of period                           3,248             1,063           1,063
                                ---------         ---------         -------
Profit and Loss Account, end 
Of period                           4,505             2,076           3,248
                                    =====             =====            ====

Earnings per Ordinary Share    3    4 cents        3.0 cents     6.6 cents
                                     ====              ====          ====





CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 1999

                                 31 December     31 December    30 June
                       Notes        1999             1998         1999
                                    EUR'000         EUR'000     EUR'000
                                  (Unaudited)     (Audited)    (Audited)

Fixed Assets
Tangible assets                       1,107            870         1,040
                                   --------       --------       -------
Current Assets
Inventory - work in progress            249            230           137
Debtors                               7,513          4,036         6,947
Cash at bank and in hand    7         1,798            460         4,534
                                   --------       --------       -------
                                      9,560          4,726        11,618
Creditors: 
amounts falling due within one year  (3,627)        (2,934)       (6,744)
                                   --------       --------      --------
Net Current Assets                    5,933          1,792         4,874
                                   --------       --------      --------
Total Assets less Current 
Liabilities                           7,040          2,662         5,914

Creditors: amounts falling due 
after more than one year               (499)          (513)         (506)

Provisions for Liabilities and 
Charges                                 (60)           (60)          (60)
                                   --------       --------       -------
Net Assets                            6,481          2,089         5,348
                                       ====           ====          ====
Capital and Reserves
Called up share capital               3,620          3,372         3,620
Capital conversion reserve fund          57              -            57
Share premium                         1,656              -         1,780
Merger reserve                       (3,357)        (3,359)       (3,357)
Profit and loss account               4,505          2,076         3,248
                                   --------       --------      --------
Shareholders' Funds - all 
Equity                     4          6,481          2,089         5,348
                                       ====           ====          ====


    


CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 31 DECEMBER 1999

                           Half year ended    Half year ended    Year ended
                             31 December        31 December        30 June
                    Notes        1999              1998             1999
                                EUR'000           EUR'000          EUR'000
                              (Unaudited)        (Audited)        (Audited)

Net Cash Inflows/(Outflows) 
from Operating Activities   5      1,025              634             (328)

Returns on Investments and 
Servicing of Finance                 (14)             (30)             (48)

Taxation                            (940)            (460)            (410)

Capital Expenditure and Financial 
Investment                           (54)             (13)            (223)
                                 -------            -----           ------
Cash Inflow (Outflow) before 
Financing                             17              131           (1,009)

Financing                           (150)             (38)           2,215
                                 -------            -----           ------

(Decrease)/increase in Cash before
Amounts Due/Paid to Shareholders    (133)              93            1,206

Amounts Due To Shareholders            -                -            2,264
Amounts Paid To   
Shareholders            7         (2,264)               -                -
                                 -------            -----          -------
(Decrease)/Increase in Cash       (2,397)              93            3,470
                                    ====              ===             ====

Reconciliation of Net Cash Flow to 
Movement in Net Debt     

(Decrease)/increase in cash 
in the year                       (2,397)              93            3,470

Cash outflow from decrease in debt and 
lease financing                       26               50               65

New finance leases                   (76)            (160)            (179)
                                 -------            -----         --------
Movement in Net Debt in the 
Period                            (2,447)             (17)           3,356

Net Funds/(Debt), beginning of 
period                             3,254             (102)            (102)
                                 -------           ------         -------
Net Funds/(Debt), end 
of period             6              807             (119)           3,254
                                    ====              ===             ====


1.    Basis of Preparation
This interim report has been prepared on the basis of the accounting policies
set out in the Annual Report for the year ended 30 June, 1999, and are
presented in Euros.  Euro currency amounts, denoted by the symbol 'EUR', are
included in the accounts at the fixed translation rate of EUR1 = IR£0.787564.

The figures for the half year ended 31 December, 1999 are unaudited. The
comparative figures for the half year ended 31 December, 1998 are based on the
audited consolidated non-statutory figures included in the group's prospectus
in June 1999.  The amounts for the year ended 30 June 1999 represent an
abbreviated version of the group's full financial statements for the year on
which the Auditors issued an unqualified audit report and which have been
filed with the Registrar of Companies.


2. Dividends Proposed

                              Half year ended    Half year ended    Year ended
                                  31 December        31 December       30 June
                                         1999               1998          1999
                                      EUR'000            EUR'000       EUR'000
                                   (Unaudited)          (Audited)    (Audited)
Ordinary Dividends:    
Interim dividend of 1/2 cent per share    181                  -            -
                                       ------             -------     --------
                                          181                  -            -
                                       ======             =======     ========

The Directors have declared a dividend of 1/2 cent per Ordinary share in
respect of the half year ended 31 December, 1999, payable on 7 April, 2000 to
Shareholders on the Register on 10 March, 2000.


3. Earnings Per Ordinary Share
The earnings per ordinary share is calculated on the basis that the weighted
average number of shares in issue for the period ended 31 December, 1999 is
36,196,825 (period ended 31 December, 1998 - 33,196,825, year ended 30 June,
1999 - 33,213,263).  It has been calculated based on the profit on ordinary
activities after taxation for the period ended 31 December 1999 of
EUR1,438,000 (period ended 31 December, 1998 - EUR1,013,000, year ended 30
June,1999 - EUR2,185,000).


4. Reconciliation of Movement on Shareholders' Funds

                                  31 December        31 December       30 June
                                         1999               1998          1999
                                      EUR'000            EUR'000       EUR'000
                                   (Unaudited)          (Audited)    (Audited)

Opening Shareholders' Funds             5,348              1,063        1,063 
  
Issue of ordinary share capital             -              3,372        5,687 
  
Share issue expenses                     (124)                 -         (230)
   
Merger reserve                              -             (3,359)      (3,357)
Profit retained for the period          1,257              1,013        2,185
                                       ------             -------     --------
Closing Shareholders' Funds             6,481              2,089        5,348
                                       ======             =======     ========


5. Reconciliation of Operating Profit to Net Operating Cash Flows


                              Half year ended    Half year ended    Year ended
                                  31 December        31 December       30 June
                                         1999               1998          1999
                                      EUR'000            EUR'000       EUR'000
                                   (Unaudited)          (Audited)    (Audited)

Operating profit                        1,972             1,512         3,201
Depreciation                               58                41           99
Profit on disposal of fixed assets          6                 -            -
Movement in work in progress             (112)             (179)         (85)
Movement in debtors                      (551)             (848)      (3,759)
Movement in creditors                    (348)              108          216
                                       ------             -------     --------
Net Cash Inflows/(Outflows)
from Operating Activities               1,025               634         (328) 
                                       ======             =======     ========


6. Analysis of Net Debt                    
                               Cash at                                     Net
                              Bank and       Bank     Bank    Finance    funds
                               in hand  overdraft    loans     leases   (debt)

At 30 June, 1999                4,534       (697)    (408)      (175)    3,254
Cash flow:
  -  paid to shareholders      (2,264)         -        -          -   (2,264)
  -  other                       (472)       339        5         21     (107)
New finance leases                  -          -        -        (76)     (76)
                               ------     ------    ------    -------  -------
At 31 December, 1999            1,798       (358)    (403)      (230)     807
                               ======     ======    ======    =======  =======


7. Amounts Paid to Shareholders
Amounts paid to shareholders represent the proceeds of ordinary shares sold by
the shareholders as part of the admission of the Company to the Developing
Companies Market and the Alternative Investment Market.