Interim Results

Peerless Technology Group PLC
30 September 2002


                                      
            INTERIM STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2002 

CONTENTS

Company Information      1
 
Chairman's Statement     2

Balance Sheet            3

Profit and Loss          4


            INTERIM STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2002 

COMPANY INFORMATION 


Directors                    A Ahmed (Non-executive Chairman)
                             J M Fenn (Managing and Finance Director)
                             R M James (Executive Director)
                             S C A Harris (Non-executive Director)

Secretary                    R M James

Company Number               4241478

Registered Office            Nidderdale House
                             Otley Road
                             Beckwith Knowle
                             Harrogate
                             HG3 1SA

Nominated Advisor & Broker   Solicitors
Numis Securities Limited     Norton Rose
Cheapside House              Kempson House
138 Cheapside                Camomile Street
London                       London
EC2V 6LH                     EC3A 7AN

Bankers                      Auditors 
Coutts & Co                  Grant Thornton
440 Strand                   Grant Thornton House
London                       Melton Street
WC2R 0QS                     Euston Square
                             London 
                             NW1 2EP 

                                    - 1 -



            INTERIM STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2002 

                            CHAIRMAN'S STATEMENT 

I am pleased to report on Peerless Technology Group's unaudited interim
statement for the 6 months ended 30 June 2002. 

For the 6 months ended 30 June 2002, the Company had a loss before tax of
£21,822, and had cash reserves of £2,307,851. 

Since the Company's admission to AIM in September 2001 the Board has considered
a number of potential investment opportunities. Whilst discussions have been
held with a number of companies, the Board has yet to find a suitable business
that meets the Company's investment criteria. The Board will remain patient in
its pursuit of suitable investments and will seek to ensure that any
acquisitions can deliver long-term sustainable growth in shareholder value. I
will be writing to you when we have identified such an opportunity. 

AJAZ AHMED 
Chairman 

30th September 2002 

                                    - 2 -

            INTERIM STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2002

                     BALANCE SHEET (UNAUDITED) AS AT 30 JUNE 2002 

                                                       Unaudited        Audited 
                                                     6 months to      period to 
                                                    30 June 2002    31 Dec 2001 

                                                               £              £ 

Current assets 

Cash                                                   2,307,851      2,386,990
Debtor                                                    10,450         31,573

                                                       2,318,301      2,418,563

Creditors: Amounts Falling                               (33,700)      (112,140)
Due Within One Year                                       

                                                       2,284,601      2,306,423

Capital and reserves 

Share capital                                            149,625        149,625
Share premium                                          2,193,742      2,193,742
Profit and loss                                          (58,766)       (36,944)

                                                       2,284,601      2,306,423 
                                    
                                    - 3 -


                 INTERIM STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2002 
            PROFIT AND LOSS (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2002 

                                                       Unaudited        Audited 
                                                     6 months to      period to 
                                                    30 June 2002    31 Dec 2001 

                                                               £              £ 

Turnover                                                       -              -
Administrative Expenses                                  (62,303)       (43,906) 

Operating Loss                                           (62,303)       (43,906) 

Net Interest Receivable                                   40,481          6,962 

Loss on Ordinary                                         (21,822)       (36,944) 
Activities Before Taxation 

Taxation                                                       -              - 

Loss on Ordinary                                         (21,822)       (36,944) 
Activities After Taxation 

Reserves b/f                                             (36,944)             - 

Reserves c/f                                             (58,766)       (36,944) 

 
Copies of this statement are being sent to shareholders of the Company and are 
also available at the Company's Registered Office. 

                                    - 4 - 

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