Final Results

Eurovestech PLC
15 June 2001

                              EMBARGOED - Not to be released until 7.00a.m. on

                                                                  15 June 2001





               EUROVESTECH PLC ('Eurovestech' or 'the Company')


            Preliminary Results for the period ended 31 March 2001




Financial Highlights



Preliminary results for the period from 20 January 2000 to 31 March 2001



Eurovestech plc is the AIM-listed development capital fund focused on high
technology enterprises.



Highlights:



*     £3.5 million audited uplift in value of investment portfolio.

*     Three investee companies received investment from third parties at values 
      ranging between three and a half times and sixteen times Eurovestech's    
      cost of investment.

*     Two further portfolio companies recently received investment by           
      corporations representing critical endorsements of these businesses.

*     Pre-tax loss for the period of £97,392, significantly better than         
      expectations at time of flotation.







Enquiries: Richard Bernstein, Chief Executive, Tel: 00 44+ (0)20 7491- 0770.




Chairman's Statement


Introduction

These are the first full period results since Eurovestech was admitted to AIM
in March 2000, raising £7.8 million net of expenses. Together with £2.1
million invested prior to flotation, total funds available for investment were
£9.9 million. During the period we invested £5.0 million, leaving us in a
strong cash position.



We have had access to strong deal flow and have been active: eleven
investments in unquoted companies were completed during the period. The
portfolio is developing well as our companies continue to make progress. In
the period, three of our early investee companies received equity funding from
third parties at multiples several times Eurovestech's cost of investment.
Since the end of the period, two more of our companies have received
investment by corporations that we believe represent critical endorsements of
these businesses.



Results

For the period under review, Eurovestech made a pre-tax loss of £97,392. This
equates to less than one percent per annum of the value of the fund or a net
cash spend of less than £7,000 per month. This result was significantly better
than our expectations at the time of flotation and was achieved as a result of
a tight control of costs and realised investment gains on quoted securities of
£210,000.



Audited net assets as at 31 March 2001 were £13.2 million. Cash balances and
short-term liquid investments accounted for £4.9 million. The audited net
asset valuation, taking account of third party funding events, resulted in a 
£3.5 million unrealised surplus being credited to the investment valuation
reserve.



Portfolio development

As our investee companies make strategic and operating progress, this is
reflected in the value at which third party investors are prepared to provide
equity finance. At the time of our interim results, we reported on a number of
these companies. More recently, the following portfolio companies have secured
third party funding:



Boxmind

In March 2001, Boxmind Limited, the provider of on-line lectures by
internationally renowned academics received third party equity funding at a
pre-money valuation of £8 million, equivalent to in excess of sixteen times
Eurovestech's cost of investment.  At the time of our interim statement in
January we reported that Boxmind received investment from a listed venture
capital fund at a pre-money valuation in excess of £3 million.  In April 2000,
we provided £175,000 seed financing to Boxmind, in return for a 40 per cent
interest. We subsequently invested an additional £200,000 at a pre-money
valuation of £3.1 million. We believe that Boxmind has recently added further
value by strengthening the signing up of internationally renowned academics
for its programme of e-lectures to thirty lecturers as against twelve in
March, by securing revenue deals and as a result of the imminent launch of its
subscription based offer.



Adflash

In March 2001, Adflash Limited, a company that has developed a technology that
dramatically expands advertising real estate on moving objects, received third
party funding of £1.7 million. The price paid valued Eurovestech's £150,000
cost of investment at more than £500,000.



Lynx

We are now pleased to report that in April 2001, a leading US fibre optics
manufacturer became shareholders in Lynx Photonic Networks Inc. ('Lynx'), the
manufacturer of optical switching communications modules.  We believe this
represents a critical endorsement of our investment of $1m made in February
2001.



Mykindaplace

In May 2001, mykindaplace.com, the leading teen girl online magazine with over
750,000 unique users, completed second round funding, with BSkyB participating
in the round, which underpins their commitment to the business. We have
invested a further £120,000 in this round.



Shareholder loyalty scheme

As stated at the time of our Interim Statement, the Board envisages that,
subject to general market conditions, some of Eurovestech's investee companies
may seek a Stock Exchange listing. Where Eurovestech's holding is significant,
the Board intends to seek a right for our shareholders to subscribe for shares
in our investee companies when they float.



Charitable donations

Eurovestech made a commitment in its prospectus to donate four million shares
to charitable organisations within 24 months of Admission.  Richard Bernstein,
Chief Executive, who invested £2 million of his own funds in Eurovestech on
the same terms as institutional shareholders, also committed to gift four
million shares to charitable organisations out of his own personal holding
within 18 months of Admission.  The company hopes its actions will encourage
other companies to follow suit to support charities in this way.



Eurovestech and Richard Bernstein are proud to have each contributed a total
of 600,000 shares to date to six benevolent organisations to date, namely:



Leukaemia Research Fund - The only national UK charity devoted exclusively to
improving treatments, finding cures and investigating causes and prevention of
cancers of the blood and related conditions, in children and adults.



Leuka2000 - Its objectives are to raise money for research into leukaemia and
the care of people affected by it and to build a new centre at the Hammersmith
Hospital.



Merlin Emergency Relief International - a provider of healthcare to the most
vulnerable populations around the world.



Listening Ear - Provider of free and confidential advice for troubled people
in Merseyside.



International Paralympic Equestrian Committee - governs and develops
equestrian sport for people with disabilities up to Paralympic level.



Nordoff-Robbins Music Therapy - Nordoff-Robbins therapists work worldwide with
a broad range of people, including disabled children, individuals under
psychiatric care, self-referred adults seeking a creative approach to
emotional difficulties or personal development, and individuals with medical
problems and in geriatric care.



In the coming months the company and Richard Bernstein intend to make further
donations to a selection of charities.





Outlook

By its very nature, development capital is a medium to long-term business and
in recent months we have developed the necessary infrastructure to capitalise
on the Company's ability to access strong deal flow and work alongside strong
trade partners. We believe that our network of relationships with professional
contacts together with the commercial and strategic input we provide, means
that we are well-placed to build upon our progress to date. The board is
confident in its strategy to develop Eurovestech into a premier European
development capital technology fund.





Richard Grogan
Chairman



Audited Profit and Loss Account
for the period ended 31 March 2001
                                                    Notes             Period to
                                                                  31 March 2001

                                                                              £
Turnover - continuing operations                       2                 90,585

Gross profit                                                             90,585

Administrative expenses                                               (538,248)

Operating loss - continuing operations                                (447,663)

Net interest                                                            350,271

Loss on ordinary activities before taxation            2               (97,392)

Taxation on loss on ordinary activities                3                      -

Loss on ordinary activities after taxation             5               (97,392)

Loss per ordinary share                                4               (0.044)p




Statement of Total Recognised Gains and Losses

                                                                      Period to
                                                                  31 March 2001
                                                                              £

Loss for the financial period                                          (97,392)
Unrealised gain on fixed asset investments                            4,125,453
Unrealised loss on fixed asset investments                            (645,250)

Total recognised gains and losses for the period                      3,382,811




Audited Balance Sheet
at 31 March 2001
                                              Notes       2001             2001
                                                             £                £
Fixed assets
Tangible assets                                                          46,333
Investments                                                           8,463,652
                                                                      8,509,985
Current assets
Debtors                                                157,824
Investments                                            960,335
Cash at bank and in hand                             3,930,671
                                                     5,048,830
Creditors: amounts falling due within one            (348,205)
year


Net current assets                                                    4,700,625
                                                                     13,210,610
Capital and reserves
Called up share capital                                               2,213,000
Share premium account                                                 7,614,799
Revaluation reserve                                                   3,480,203
Profit and loss account                                                (97,392)
Shareholders' funds                             5                    13,210,610




Audited Cash Flow Statement
For the period ended 31 March 2001
                                                      Notes  Period to 31 March
                                                                           2001
                                                                              £


Net cash outflow from operating activities              6             (452,174)

Returns on investments and servicing of finance
Interest received and similar income                                    353,059
Interest paid                                                           (2,788)

Net cash inflow from returns on investment and                          350,271
servicing of finance

Capital expenditure and financial investment
Purchase of tangible fixed assets                                      (61,159)

Net cash outflow from capital expenditure and
financial investment                                                   (61,159)

Acquisitions
Purchase of fixed asset investments                                 (4,983,449)


Net cash outflow from acquisitions                                  (4,983,449)

Management of liquid resources
Purchase of current asset investments                               (5,797,214)
Sale of investments                                                   5,046,597
Net cash outflow from management of liquid resources                  (750,617)


Net cash outflow before financing                                   (5,897,128)

Financing
Issue of shares                                                      10,220,992
Expenses paid in connection with share issues                         (393,193)
Net cash inflow from financing                                        9,827,799

Increase in cash                                        7             3,930,671


Notes to the preliminary announcement



1.   Basis of preparation

The preliminary announcement has been prepared in accordance with applicable
accounting standards and under the historical cost convention except that
investments are stated at valuation.



2.   Segmental information

Turnover and loss before taxation are wholly attributable to the principal
activity of the company.  All turnover originates from the UK. The analysis of
geographical market by destination is given below.

                                                                   Period Ended
                                                                       31 March
                                                                           2001

                                                                              £

UK                                                                       70,000
Other EC Countries                                                       20,585

                                                                         90,585



3.   Tax on loss on ordinary activities

No taxation is expected to arise on the result for the period.



4.   Loss per share

The calculation of loss per share is based on the loss attributable to
ordinary shareholders of £97,392 divided by the weighted average number of
shares in issue during the period, being 220,701,639 shares. Warrants
outstanding at the period end were anti-dilutive.



5.   Reconciliation of movements in shareholders' funds
                                                                           2001
                                                                              £

Loss for the financial period                                          (97,392)
Other recognised gains and losses                                     3,480,203
Issue of shares                                                       9,827,799

At 31 March 2001                                                     13,210,610



6.   Net cash outflow from operating activities
                                                                      Period to
                                                                  31 March 2001
                                                                              £

Operating loss                                                        (447,663)
Depreciation                                                             14,826
Profit on sale of current asset investments                           (209,718)
Increase in debtors                                                   (157,824)
Increase in creditors                                                   348,205
Net cash outflow from continuing operating activities                 (452,174)



7.   Reconciliation of net cash flow to movement in net debt
                                                                      Period to
                                                                  31 March 2001
                                                                              £

Increase in cash in the period                                        3,930,671



8.   Publication of non-statutory accounts

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.



The summarised balance sheet at 31 March 2001 and the summarised profit and
loss account, summarised cash flow statement and associated notes for the
period then ended have been extracted from the Company's period ended 31 March
2001 statutory financial statements upon which the auditors opinion is
unqualified and does not include any statement under Section 237 of the
Companies Act 1985.



9.   Annual Report and Accounts

The annual report and accounts for the period ended 31 March 2001 will be sent
to shareholders shortly and will be available from the company's registered
office, 29 Curzon Street, London W1Y 2AE.