Interim Results

Amino Technologies PLC
25 July 2005


FOR IMMEDIATE RELEASE                                             25 July 2005

                             AMINO TECHNOLOGIES PLC
              INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2005
                                        
Amino Technologies plc ('Amino'; stock code: AMO), the Cambridge based 
broadband network software and systems company, presents its unaudited 
consolidated results for the six-month period ended 31 May 2005.

Key points:

   • Shipments of AmiNET products increased by 32% to 102,000 units
   • Turnover increased to £7.78m from £6.14m in the first half of 2004
   • Loss before tax was £ 0.88m (1H 2004: loss of £0.1m; full year 2004:
     profit of £0.2m)
   • Following a successful share placing in May 2005, net cash balances
     stood at £17.5 million at the end of the period (November 2004: £6.4
     million)
   • Record order intake: backlog currently stands at 328,000 units, valued
     at £23.5m for the second half of the year and beyond
   • Continued strong increase in customer adoption metrics:
       -   11 customers now with over 10,000 units installed (November 2004:5)
       -   field trials and roll-outs increased to a total of 144 worldwide
           (November 2004: 68)
   • Eastern Europe and the Far East show largest volume near term potential.
   • Hospitality applications showing promise in initial deployments
   • Board strengthened: Paul Fellows, chief technology officer, appointed a
     director

Regarding the outlook, Grant Masom, Chairman stated:

'Amino has successfully consolidated its early advantage and is widely
recognised as a leader in the burgeoning IPTV market. We are developing enduring
relationships with key partners and suppliers. We also have strengthened the
balance sheet to enable Amino to maintain its market leadership. The benefits of
the stronger balance sheet are already reflected in improved terms of trade.

Order intake is strong and new product launches have been well received, all of
which makes us confident of Amino's prospects in the second half of the year and
beyond.'

About Amino
Amino (www.aminocom.com) is a designer and supplier of electronic systems and
consultancy, specialising in products for digital broadcast and on-demand TV,
IPTV (telco triple-play applications) and in-home multimedia distribution.

Its range of small, low cost, high functionality set-top boxes and gateway
products is designed for consumer applications in telecom, satellite and digital
terrestrial broadcast markets, as well as on-demand systems for hotels and
hospitality markets, healthcare, retail and education. Amino also provides
systems consultancy and partners with world-leading companies in content
aggregation, middleware, conditional access and head-end systems.

Contacts

Amino Technologies:                                               01954-234100
Grant Masom, Chairman                                         www.aminocom.com
Bob Giddy, Chief Executive
Stuart Darling, Finance Director

Bankside:                                                        020-7367-8888
Steve Liebmann or Susan Scott

                              
CHAIRMAN'S STATEMENT

Introduction

During the past year, Amino has established itself as a market leader in the
field of internet protocol TV ('IPTV') technologies for customer premises
equipment, usually described as a set-top-box ('STB'). The Group has developed a
global reach with customers and industry partners around the world. The
marketplace for IPTV is growing explosively but, as with any market growing so
quickly, the rate of development is neither linear nor entirely predictable.
Amino recognises this as a fact of life at this early stage in the development
of the IPTV market and the half year results now reported reflect these factors.

The Board has taken the firm view that the interests of both shareholders and
the Group will be served best by ensuring that investment in Amino's
technologies, products and markets should be sustained at the level required to
consolidate its positioning and market leadership.

As previously flagged, the full year results will be heavily weighted
towards the second half. As the Group's operating costs are largely fixed,
significant profitability will be linked to expected revenue growth - a view
supported by the record level of order intake and backlog.

Following the change in year-end, effected in November 2004, comparative half
year figures are for the six months to 31 May 2004.

Results and finance

Shipments in the first half-year to 31 May 2005 increased by 32% to 102,000
units (2004: 77,000). The backlog of unshipped orders increased substantially
due to continued delays in deliveries of MPEG-2 (High Definition) and MPEG-4
silicon and software drivers. Recent availability of these key components will
allow the start of the delayed customer trials and volume orders which have been
deferred. Gross margins were lower than the comparable period due to a higher
level of customer support required for one large customer project and the need
to provide for additional import duties following an unexpected reversal of a
previous ruling by HM revenue and Customs. As a result, the loss before tax was
£882,000 (2004: loss of £105,000). The loss after tax was £161,000 (2004: profit
of £414,000).

The increase in trade debtors to £5.51 m (2H'04: £3.60 m) reflects the balance
of sales towards the end of the period and deferred payment terms on two
customer contracts.

Following the successful share placing in May, which raised £15.3 million (net
of expenses), net cash at 31 May 2005 was £17.5 m (£6.4 m at 30 November 2004).
As indicated at the time of the placing, the rapid growth in the business has
required additional working capital. Tangible benefits of the strengthened
balance sheet have already been seen in increased confidence and improved terms
of trade with key customers and suppliers. As a result, completion of the
proposed increase in banking facilities has not been taken up at this time, but
remains an option for the future.

Markets and operations

In the short term, the speed of development of the IPTV market varies according
to the territory and the size of the telecoms operator (telco). To date, Amino
products have been adopted for field trials by 144 operators across all
territories worldwide. However, tier 2 and tier 3 telcos (defined here as having
less than 10 million phone subscribers) are currently more advanced in moving
from trials to commercial introduction of IPTV services, mostly using our
existing MPEG-2 technologies. The large tier 1 telcos (with more than 10 million
phone subscribers), particularly in the Americas and EMEA, have been taking a
more measured approach - reflecting both the scale of investment required and
the desire to move straight to the new MPEG-4 technologies which are only just
becoming available. 45% of total shipments were destined for Eastern Europe and
the Far East, with the balance split between Western Europe and the USA. We
believe the earliest significant volume opportunities will be in Eastern Europe,
the Far East and South America.

Against this background, Amino has made excellent progress in all its key
customer metrics - evaluations, laboratory and field trials, and service
roll-outs. In particular, the number of customers currently rolling out with
orders placed with Amino for more than 10,000 units has grown to 11 at the end
of May - up from five at the last year end and just two a year ago. These
roll-out orders are for Amino's established MPEG-2 products for which volume
shipments are expected for the foreseeable future.

Amino has sustained its product development programme, with recent product
launches including the AmiNET 124 (a standard definition MPEG-4/H264
set-top-box), the AmiNET 120 (a high definition TV MPEG-2 set-top-box), and the
AmiNET 110H (an MPEG-2 product for the hospitality industry). Lead time for key
components is the major dependency for the volume shipment of the next
generation of products. This affected shipments in the first half, but we are
confident that this situation is resolving to our satisfaction. Future planned
products are expected to include further MPEG-4 derivatives and a combined
MPEG-4/MSTV set-top-box, ensuring that Amino continues to be able to supply
customer premises equipment for all significant system software solutions.

In addition to the delivery of IPTV over public networks through telcos, there
is a substantial new market developing for private network delivery of IPTV,
into hotels, hospitals, education and apartment complexes. This 'hospitality'
business, although again at an early stage, is progressing well and provides the
opportunity to supply a full range of system and support services. New
deployments are taking place with On Command (USA), San Jose State University
(USA) and Communications Hospitaliaire (France).

The development of significant licensing revenues is likely to track the
progress of larger tier 1 telcos in their IPTV deployments. We believe there is
a growing appreciation of the difficulties involved in implementing complex,
multi-vendor client-end solutions, and the part that Amino's software can play
in simplifying the implementation process for operators, integrators, and other
IPTV product vendors. We have sold a number of software developer kits to third
party application developers and licensed Philips Semiconductors to manufacture
'Amino enabled' IPTV silicon chips. We anticipate being able to announce further
progress with licensing in due course.

The development of Amino's partnership programme has continued with new global
supply agreements signed with the major tier 1 telco suppliers.

Board

I am delighted to announce that Paul Fellows, our highly respected chief
technology officer, was appointed to the Board on 22 July. We welcome his input
and counsel.

Outlook

Since Q2 order intake has been particularly strong, leading to our highest ever
order book. At present, the total of shipped and unshipped orders for the second
half year and beyond stands at 328,000 units with a total value of £23.5m. Of
these, 150,000 units are firmly scheduled for shipment in the second half, and
we expect to schedule a significant proportion of the balance for shipment in
H2. In addition, we anticipate closing a number of significant opportunities for
volume shipment in Q4 and beyond in Asia Pacific and South America. 

In support of the continued strong increase in customer adoption metrics, we
have orders for the recently launched products (i.e. AmiNET124, AmiNET120 and
AmiNET110H). The AmiNET124 is the first implementation of a single chip H.264
(MPEG-$) set-top box to be made available in the market.

Amino has successfully consolidated its early advantage and is widely recognised
as a leader in the burgeoning IPTV market. We are developing enduring
relationships with key partners and suppliers. Whilst this growth poses
challenge, it creates many opportunities which Amino is well placed to exploit.
The Board is confident about the outlook for the remainder of this year and
beyond.

Grant Masom                                                       22 July 2005
Chairman



Consolidated profit and loss account
For the six months ended 31 May 2005

                Notes       Six months         Six months       11 months to 
                                 ended              ended        30 November 
                           31 May 2005        31 May 2004               2004  
                             Unaudited          Unaudited            Audited
                                     £                  £                  £
Turnover            3        7,784,383          6,139,970         13,247,054
Cost of sales               (5,179,457)        (3,602,626)        (7,779,916)
                            __________         __________         __________
Gross profit                 2,604,926          2,537,344          5,467,138

Selling,
general and
administrative
(non-exception
al expenses)                (2,420,514)        (1,785,589)        (3,739,718)

Selling,
general and
administrative
(exceptional
expenses)                            -           (217,019)          (331,254)

Selling,
general and
administrative
expenses                    (2,420,514)        (2,002,608)        (4,070,972)
Research and
development
expenses                    (1,151,616)          (723,601)        (1,444,513)
Other
operating
income                               -             45,000             94,873
                              __________       __________         __________

Group
operating
(loss)/profit                 (967,204)         (143,865)             46,526

Interest
receivable and
similar income                  95,448           54,384              185,625

Interest
payable and
similar
charges                        (10,129)         (15,488)            (35,117)
                             __________       __________          __________
Group
(loss)/profit
on ordinary
activities
before
taxation                      (881,885)        (104,969)             197,034

Tax on
(loss)/profit
on ordinary
activities                      721,000         519,000            1,130,829
                             __________       __________           __________
Group 
(loss)/profit
on ordinary
activities
after taxation
being
(loss)/profit
for the
financial
period                        (160,885)         414,031             1,327,863
                             __________       __________           __________
 
Basic
(loss)/earnings
per 1p
ordinary share      4            (0.33)p            1.0p                3.0 p

Diluted
(loss)/earnings
per 1p
ordinary
shares              4            (0.33)p            0.9p                 2.8p



Statement of Group total recognised gains and losses
for the six months ended 31 May 2005

               Notes         Six months          Six months      11 months to
                           ended 31 May        ended 31 May       30 November 
                                   2005                2004              2004
                              Unaudited           Unaudited           Audited
                                      £                   £                 £
(Loss)/profit
for the
financial
period                         (160,885)            414,031         1,327,863

Exchange
translation
difference on
consolidation      8             89,911                   -           (36,185)
                             __________          __________         __________
Total
recognised
gains and
losses for the
period                         (70,974)            414,031          1,291,678
                             __________         __________          __________


All amounts relate to continuing activities.
The accompanying notes are an integral part of these interim financial
statements.

Consolidated balance sheet
As at 31 May 2005

                           Notes   Six months      Six months  11 months to
                                 ended 31 May    ended 31 May   30 November 
                                         2005            2004          2004
                                    Unaudited       Unaudited       Audited
                                            £               £             £
Fixed assets
Intangible assets                     206,967          49,855       186,759
Tangible assets                       984,733         453,572       833,884
                                    _________       _________     _________
                                    1,191,700         503,427     1,020,643
                                    _________       _________     _________

Current assets

Stocks                              2,210,216         500,273     1,361,339
Debtors: amounts falling due
after one year                        161,563          82,250       161,563

Debtors: amounts falling due
within one year                5    8,624,120       2,164,555     6,127,561

Trade debtors
subject to financing
stated net of non-returnable
amounts received               5            -       1,421,999             -

Short-term investments                430,000       1,930,000       430,000
Cash at bank and in hand           17,088,485       1,111,199     5,999,752
                                    _________       _________     _________
                                   28,514,384       7,210,276    14,080,215
Creditors:
Amounts falling due
within one year                6   (1,590,936)     (2,383,237)   (2,305,485)
                                    _________       _________     _________
Net current
assets                             26,923,448       4,827,039    11,774,730

Total assets less current
liabilities                        28,115,148       5,330,466    12,795,373

Creditors:
Amounts falling due
after more than one year             (93,088)       (135,382)     (117,281)
                                    _________       _________     _________
Net assets                         28,022,060       5,195,084    12,678,092
                                    _________       _________     _________

Capital and reserves
Called-up
share capital                 7       582,630         452,047       510,380
Share premium
account                            21,807,240               -     6,571,027
Merger reserve                     16,388,755      16,388,755    16,388,755
Profit and
loss account                      (10,756,565)    (11,645,718)  (10,792,070)
                                   _________       _________       _________
Equity
shareholders'
funds                        8     28,022,060       5,195,084     12,678,092
                                   _________       _________       _________





Consolidated cash flow statement
For the six months ended 31 May 2005

                         Notes        Six months     Six months 11 months to
                                    ended 31 May   ended 31 May  30 November 
                                            2005          2004          2004
                                       Unaudited     Unaudited       Audited
                                               £             £             £
Net cash outflow from
operating activities          9      (4,087,680)    (2,525,790)   (3,836,286)

Returns on investments
and servicing of
finance

Interest received                        58,380         54,384       185,625
Interest paid                          (10,129)        (15,488)      (35,117)
                                     __________      __________   __________
Net cash inflow from
returns on investments                  48,251          38,896       150,508
                                     __________      __________   __________
  
Capital expenditure and
financial investment

Purchase of tangible fixed
assets                                (283,863)       (198,374)    (603,340)
Purchase of intangible
fixed assets                           (64,417)        (34,998)    (184,810)
                                     __________      __________    __________
Net cash outflow for
capital expenditure
and financial investment              (348,280)       (233,372)    (788,150)
                                     __________      __________   __________

Net cash outflow before
use of liquid resources and
financing                           (4,387,709)     (2,720,266)  (4,473,928)
                                    __________      __________   __________

Management of liquid
resources
(Decrease)/inc
rease in
short-term
deposits with
banks                                      -        (1,930,000)   3,300,000
                                   __________      __________    __________

Financing
Issue of ordinary share
capital                             15,843,100              -     6,999,999

Expenses of share issue
deducted from share premium          (534,637)              -      (370,639)

Cash received from exercise
of share options                      106,479          26,000       354,824

(Decrease)/increase in other
borrowings                            (18,619)          5,382       (23,907)
Increase/(decr
ease) in bank
borrowings                             80,119         500,247    (1,001,523)
                                   __________      __________    __________

Net cash inflow from
financing                          15,476,442         531,629     5,958,754
                                   __________      __________    __________
Increase/(decr 
ease) in net
cash                                11,088,733      (4,118,637)   4,784,826
                                   __________       __________   __________
Reconciliation of net 
cash flow to movement in
net funds

Opening net funds                    6,423,608       5,229,815    3,937,259
Increase in net cash                11,088,733      (4,118,637)   4,784,826
Decrease in deposits                         -       1,930,000   (3,300,000)
(Increase)/decrease in
borrowings                             (80,119)       (500,247)   1,001,523
                                    __________      __________    __________
Closing net funds                   17,432,222       2,540,931    6,423,608



Notes to the interim financial statements
Six months ended 31 May 2005

1.         Basis of preparation
The consolidated financial statements of Amino Technologies plc have been
presented under merger accounting rules. This means that the financial
statements of Amino Technologies plc and those of its wholly owned subsidiary,
Amino Holdings Limited have been aggregated and presented as if the two
companies have always been together.

The figures for the six-month periods ended 31 May 2005 and 31 May 2004 have not
been audited. The figures for the year ended 30 November 2004 have been
extracted from but do not constitute the consolidated financial statements of
Amino Technologies plc for that year. Those financial statements have been
delivered to the Registrar of Companies and included an auditors' report, which
was unqualified and did not contain a statement under Section 237 Companies Act
1985.

2.         Accounting policies
These interim financial statements for the six months ended 31 May 2005, which
have been prepared in accordance with the accounting policies set out in the
consolidated financial statements of Amino Technologies plc for the year ended
30 November 2004, do not constitute statutory accounts for the purpose of
section 240 of the Companies Act 1985.

3.         Turnover
Turnover is wholly attributable to the Group's principal activities of
developing enabling technologies and providing price competitive, flexible and
rapidly deployable designs to manufacturers and vendors of set top boxes, home
gateways and other communications devices. The analysis of turnover by
destination is set out below.

                          Six months          Six months       11 months to 
                             ended                ended         30 November 
                       31 May 2005          31 May 2004                2004 
                         Unaudited            Unaudited             Audited
                                 £                   £                    £
United Kingdom
and Europe               3,706,678           2,100,566            5,001,383
North America            2,750,687           2,702,371            6,467,504
Asia Pacific
and Africa               1,327,018           1,337,033            1,778,167
                         _________          __________           __________
                         7,784,383           6,139,970           13,247,054
                        __________          __________           __________


4.         Earnings/(loss) per share

                         Six months         Six months         11 months to
                            ended                ended          30 November
                      31 May 2005          31 May 2004                 2004
                        Unaudited            Unaudited              Audited
                                £                    £                    £

(Loss)/earnings
attributable
to shareholders          (160,885)             414,031            1,327,863
                       __________            _________           __________

Weighted
average number
of shares
(Basic)                48,471,852           39,712,533           43,662,984
                       __________           __________           __________

Weighted
average number
of shares
(Diluted)                                   44,823,151           48,174,055
                                            __________           __________

The calculation of basic earnings/(loss) per share is based on profit/(loss)
after taxation and the weighted average of ordinary shares of 1p each in issue
during the period. For diluted earnings per share, the weighted average number
of ordinary shares in issue is adjusted to assume conversion of all dilutive
potential ordinary shares. The group has only one category of dilutive potential
ordinary share options: those share options where the exercise price is less
than the average market price of the company's ordinary shares during the
period. There is no dilutive effect in respect of the six months to 31 May 2005
since the Group made a loss.

5.         Debtors

                                       Six months   Six months  11 months to
                                            ended        ended   30 November
                                      31 May 2005  31 May 2004          2004
                                        Unaudited    Unaudited       Audited
                                                £            £             £
Amounts falling due within one year:

Trade debtors
(not subject
to financing)                           5,510,069      877,355     3,602,001
VAT                                             -       84,451        56,232
Deferred tax                            2,440,000    1,059,000     1,719,000
Other debtors                                   -        3,317        23,196
Prepayments
and accrued
income                                    674,051      140,432       727,132
                                        _________    _________     _________
                                        8,624,120    2,164,555     6,127,561
                                      ___________   __________    __________

Amounts falling due within one year:

Trade debtors
subject to financing                           -     1,922,268            -
Less:
Non-returnable amounts
received                                        -     (500,269)           -
                                        _________    _________     _________
                                                -    1,421,999            -
                                       __________   __________     _________


6.         Creditors: Amounts falling due within one year

                             Six months            Six months     11 months to
                           ended 31 May          ended 31 May      30 November
                                   2005                  2004             2004
                              Unaudited             Unaudited          Audited
                                      £                     £                £

Bank loans and overdrafts        86,263                    -             6,144
Other loans                      40,656               35,082            35,082
Trade creditors                 537,682              623,730         1,377,088
Taxation and social security    215,932              131,569           163,342
Corporation tax                  48,171                    -            48,171
VAT                              36,025                    -                 -
Other creditors                       -                    -               644
Accruals and deferred income    626,207            1,592,856           675,014
                              _________            _________         _________
                              1,590,936            2,383,237         2,305,485
                              __________           __________       __________

Bank loans and overdrafts are secured by a fixed and floating charge over the
assets of Amino Communications Limited.

7.         Called-up share capital

Ordinary shares of 1p each            Six months    Six months      11 months
                                           ended        ended     to November
                                     31 May 2005  31 May 2004            2004      
                                        Unudited     Unaudited        Audited
                                               £             £              £
Authorised
Nominal value                          1,000,000     1,000,000      1,000,000
                                      __________    __________     __________
Number                               100,000,000   100,000,000    100,000,000
                                      __________    __________     __________

Allotted, called-up and fully-paid
Nominal value                            582,630       452,047        510,380
                                       _________     _________      _________
Number                                58,263,052    45,204,719     51,038,000
                                      __________    __________      __________

Share issues
On 14 December 2004 Amino Technologies plc allotted 10,000 ordinary shares of 1p
each at par and on 3 February 2005 issued 15,000 ordinary shares at 1p each at
20p per share. Both share issues related to the exercising of sales
representatives' (non-employee) share options.

On 17 May 2005 Amino Technologies plc allotted 7,200,000 ordinary shares of 1p
each at 220p per share for cash consideration of £15,840,000 in order to
increase the working capital base of the Group and enable it to take advantage
of the increased opportunities for growth. The net proceeds of the private
placement amounted to £15,305,363 after costs of £534,637.

8.         Reconciliation of movements in shareholders' funds


                        Six months             Six months      11 months to 30
                      ended 31 May           ended 31 May        November 2004
                    2005 Unaudited         2004 Unaudited              Audited
                                 £                      £                    £
Opening
shareholders'
funds                   12,678,092              4,755,053            4,402,230
(Loss)/Profit
for the period           (160,885)                414,031            1,327,863
Exchange
differences on 
consolidation               89,911                      -             (36,185)
Issue of
ordinary share
capital -
capital                     72,250                  9,375               67,708
Issue of
ordinary share
capital -
share premium           15,770,850                      -            6,941,666
Issue of
ordinary share
capital to
Employee
Benefit Trust                    -               (300,000)            (300,000)
Expenses of
share issue               (534,637)                     -             (370,639)
Exercise of
employee share
options                    106,479                 26,000              354,824
Movement on
merger reserve                   -                290,625              290,625
                          _________             _________            _________
                        28,020,060              5,195,084           12,678,092
                          _________             _________            _________

9.         Reconciliation of operating loss/profit to net cash outflow from
operating activities

                         Six months             Six months    11 months to 30
                       ended 31 May           ended 31 May      November 2004
                     2005 Unaudited         2004 Unaudited            Audited
                                  £                      £                  £
Operating
(loss)/profit              (967,204)              (143,865)            46,526

Depreciation
and
amortisation
charge
(including
loss on 
disposals)                  177,223                 69,221            154,834
Increase in
stocks                     (848,877)              (373,454)        (1,129,292)
Increase in
debtors                  (1,738,491)            (2,041,248)        (3,085,128)
(Decrease)/inc
rease in
creditors                  (800,242)               (36,444)            212,959
Exchange
differences on
consolidation                89,911                      -             (36,185)
                           _________             _________           _________
Net cash  
outflow from
continuing
operating
activities               (4,087,680)            (2,525,790)         (3,836,286)
                           _________             _________           _________


10.      Interim Report
The Interim Report will be posted to shareholders shortly and copies will be
available from Amino Technologies plc's Registered Office: Prospect House,
Buckingway Business Park, Anderson Road, Swavesey, Cambridge, CB4 5UQ.


INDEPENDENT REVIEW REPORT TO AMINO TECHNOLOGIES PLC

Introduction

We have been instructed by the company to review the financial information which
comprises the consolidated profit and loss account, the consolidated balance
sheet, the consolidated cash flow statement, the statement of Group total
recognised gains and losses and the related notes. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report and the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not express
an audit opinion on the financial information. This report, including the
conclusion, has been prepared for and only for the company and for no other
purpose. We do not, in producing this report, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent in
writing.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 May 2005.



PricewaterhouseCoopers LLP
Chartered Accountants
Cambridge
22 July 2005


ENDS


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