Final Results

Angle PLC
17 August 2004


For Immediate Release                                           17 August 2004


                                   ANGLE plc

                           ('ANGLE' or the 'Company')

      Maiden Audited Preliminary Results for the year ended 30 April 2004



ANGLE plc, the intellectual property and technology commercialisation company,
announces its maiden audited preliminary results for the year ended 30 April
2004.



Financial Highlights

•      Turnover increased 45% to £2.87 million (2003: £1.98 million)

•      Profit of £2.31 million on disposal of Progeny(R) Company, Exago 
       Limited, in a share for share exchange representing a return of eleven
       times original investment

•      Total income increased 165% to £5.27 million (2003: £1.99 million)

•      Profit before tax increased to £2.33 million (2003: loss £0.35 million)

•      Basic earnings per share increased to 20.43p (2003: loss 3.45p)

•      Cash at bank at year end £8.25 million

•      Consulting and Management businesses entered new financial year with 
       strong order book of £3.23 million, including significant management
       contracts in the UK, US and Middle East



Operational Highlights

•      Acolyte Biomedica secures £3.7 million additional funding to launch 
       MRSA product

•      NeuroTargets makes strong technical progress and secures additional 
       funding

•      Provexis clinical trials demonstrate efficacy of CardioFlow(R) for 
       cardiovascular health

•      Several other Progeny(R) Companies under evaluation

•      Middle East Consulting and Management operation established



Hance Fullerton, Chairman, commented:

'ANGLE's objective is to achieve profitable long term capital growth for its
shareholders through the successful combination of its Consulting and Management
business with the establishment and development of a portfolio of Progeny(R)
Companies in a range of technology sectors.  The Group's access to intellectual
property combined with its present cash resources and highly experienced
management team puts it in a strong position to fulfil the objective over the
next few years.'


Enquiries:
ANGLE plc                                                         01483 295830
Andrew Newland, Chief Executive
Dawson Buck, Deputy Chief Executive
Ian Griffiths, Finance Director

Buchanan Communications                                           020 7466 5000
Richard Darby, Suzanne Brocks



A presentation for analysts will take place today at 9.30am at the offices of
Buchanan Communications, 107 Cheapside, London, EC2V 6DN.  Please call Buchanan
Communications for more details.



Notes to Editors

Founded in 1994, ANGLE is an international venture management and consulting
group focusing on the commercialisation of technology and the development of
technology-based industry. ANGLE creates, develops and advises technology
businesses on its own behalf and for its clients. ANGLE is listed on AIM
(AGL.L); further information can be found on www.ANGLEplc.com




CHAIRMAN'S STATEMENT


Introduction


ANGLE reached a significant milestone in March 2004 when the Company listed on
the Alternative Investment Market of the London Stock Exchange and raised £9.0
million (gross). The flotation provides the platform for dynamic growth.  We now
look forward to a future of great promise for both ANGLE and its shareholders.



Founded in 1994, the Group's integrated business model combines its
revenue-earning Consulting and Management businesses with its capital-growth
Ventures business:

•      Consulting: consulting on the commercialisation of technology, including 
       consulting for major corporations, SMEs, regional and national economic 
       development agencies and governments;

•      Management: taking direct management responsibility for activities such 
       as operation of research parks and technology incubators and the
       management of innovation and product development programmes; and

•      Ventures: establishment and ownership of significant equity stakes in a 
       portfolio of technology companies (Progeny(R) Companies), primarily in 
       the biotechnology, electronics and IT sectors, with a view to realising 
       value in the medium to long term.


The relationships ANGLE forges with owners of intellectual property through its
Consulting and Management businesses enable the Group to identify and exploit
opportunities to commercialise intellectual property using its proprietary
Progeny(R) process.

The Consulting and Management activity is the channel for these exciting
opportunities.  It is a vibrant and expanding part of our business, and its
development is central to our future. ANGLE has built profitable Consulting and
Management businesses in both the UK and the US, providing revenue as well as
the opportunity to build important relationships with corporates, government
research establishments and universities. ANGLE's international reputation and
proven capability enabled it to win a major £1.55 million contract in the Middle
East in December 2003 to establish the Qatar Foundation Science and Technology
Park. This is a new and exciting market for ANGLE, with the prospect of further
work in the region.  Several other substantial management contracts were secured
during the year including a contract worth up to £900,000 with the Carbon Trust
on the commercialisation of low carbon technology.


Results

Total income for the year was up 165% at £5.27 million (2003: £1.99 million)
comprising turnover of £2.87 million and proceeds from disposal of £2.40
million.

In the year ended 30 April 2004, ANGLE increased turnover by 45% to £2.87
million (2003: £1.98 million) and, after £2.31 million profit on disposal of
Progeny(R) Company, Exago, achieved profit before tax of £2.33 million (2003:
loss £0.35 million). Basic earnings per share increased to 20.43p (2003: loss
3.45p).

In line with our current intention of retaining earnings for future capital
growth, no final dividend is proposed. A change in accounting policy, Accounting
for Investments, and its related impact on associate accounting has been
implemented as outlined in Note 3.


Progeny(R) Company Disposal

ANGLE's business model for developing Progeny(R) Companies was proven during the
year when Corpora plc acquired Exago for £5.30 million in a share for share
exchange generating a £2.31 million profit for the Group.

In May 2002 ANGLE's Progeny(R) Company, Exago, secured intellectual property
developed by BT Exact, BT's research, technology and IT operations business. The
company launched eXero, an integrated suite of software tools to help users
find, manage and share business information.

The successful disposal of Exago demonstrates the value of ANGLE's Progeny(R)
process.  The disposal generated a return for ANGLE of eleven times monies
invested in less than two years.


Finance

At the time of ANGLE's flotation, 6.25 million ordinary shares were placed at a
price of 144p, raising £8.16 million for the Company, net of costs. Net cash at
30 April 2004 available for continuing investment in Progeny(R) ventures and
development of the Group amounted to £8.25 million (2003: £0.09 million). Net
assets at 30 April 2004 amounted to £10.99 million (2003: £0.55 million).


Strategy and Outlook

ANGLE's objective is to achieve profitable long term capital growth for its
shareholders through the successful combination of its Consulting and Management
businesses with the establishment and development of a portfolio of Progeny(R)
Companies in a range of technology sectors.  The Group's access to intellectual
property combined with its present cash resources and highly experienced
management team puts it in a strong position to fulfil this objective over the
next few years.



ANGLE moved strongly into profit during the year, with all activities in the
Group performing strongly. The Consulting and Management order book remains
strong at £3.23 million at 30 April 2004, including significant management
contracts in the UK, US and Middle East, bringing with it a steady stream of
commercialisation projects.


The outlook for the current financial year is encouraging.  We have already made
a number of important announcements including:

•      commercialisation of Provexis' leading product CardioFlow (R) for 
       maintaining cardiovascular health, which is progressing apace following
       positive results from its final human trials;

•      major Consulting & Management contract extensions in the UK and the US;

•      Acolyte Biomedica, which  is moving rapidly towards launch of its MRSA 
       diagnostic product, having completed its £3.7 million funding round
       during the year;

•      NeuroTargets, which has announced a collaborative agreement with 
       BioFocus plc to develop a therapeutic drug for nerve injury and
       pain relief from intellectual property owned by NeuroTargets.

•      the formation of a new Progeny(R) Company, NovoCellus, to
       commercialise intellectual property developed by the University of York 
       for assessing the viability of embryos for IVF treatment;


In addition several other promising Progeny(R) Companies are under evaluation.

In 2004 we welcomed two new non-executive directors, David Quysner and Iain
Ross, to the board.  They bring extensive business and commercial experience to
the ANGLE team.

I would like to thank all members of the ANGLE team for their outstanding
efforts in delivering excellent financial and operational results whilst
simultaneously completing the successful flotation of the business.  We have an
exceptional team, and I am grateful for all their hard work, enthusiasm and
commitment to the business. I look forward to working with them in the year
ahead.

Hance Fullerton, Chairman

OPERATIONS SUMMARY

The Consulting and Management businesses have had a successful year.  Fees
increased 48% to £2.66 million (2003: £1.80 million) resulting in a profit of
£0.43 million (2003: £0.11 million loss) and an operating profit margin of
16.1%.   A number of major contracts were secured during the year and the order
book is strong.

We are delighted to report the first realisation in our Ventures business with
the sale of our Progeny(R) Company, Exago to Corpora plc in a share for share
exchange then representing 18.1% of Corpora's issued share capital.  Having
secured intellectual property from British Telecom in 2002 to develop software
tools for managing business information, we succeeded in developing the company
through to disposal less than two years later.  This generated a profit for
ANGLE of  £2.31 million in the year, a return of over eleven times the monies we
invested.


ANGLE has so far founded six Progeny(R) Companies including Exago.  There are
currently five Progeny(R) Companies in which ANGLE retains an equity stake:

•      Acolyte Biomedica  A medical technology company that specialises in rapid 
       bacterial and antibiotic susceptibility testing. ANGLE's equity stake is 
       10.28% (10.04% after minority interests). Additional funding of £3.7m has 
       recently been secured to launch the MRSA product.

•      IDR Therapeutics  A drug redevelopment company that redesigns drugs to 
       remove toxic side effects. ANGLE has a 64% stake.

•      NeuroTargets  A functional genomics company set up to discover and 
       develop new drugs to treat diseases related to nerve damage.  ANGLE's 
       equity in NeuroTargets is 30.09% (29.03% after minority interests).
       Additional funding has recently been secured and subsequent to the 
       year-end a collaborative agreement signed with BioFocus plc.

•      NovoCellus A biotechnology company that is developing technology to 
       determine the viability of embryos used in IVF treatment. Newly formed 
       in Summer 2004.

•      Provexis  A nutraceutical company that develops functional foods, 
       supplements and medical foods to improve cardiovascular health. ANGLE has
       a 32.02% stake (30.97% after minority interests). Clinical trials have 
       recently been successfully completed.


The Company's ongoing strategy is to create more Progeny(R) Companies in the
biosciences, electronics and optronics, IT, materials, nanotechnology and
software sectors. Intellectual property currently under consideration includes
biocompatible materials for implants, information technology for financial
services and a skin cancer diagnostic tool.

ANGLE's business is scaleable, well diversified into international markets and
benefits from a portfolio of companies specialising in a number of different
sectors. This diversity and flexibility is key to ANGLE's ongoing strength and
stability.



                              INVESTMENT PORTFOLIO

Acolyte Biomedica

Hospital-acquired infections, such as the MRSA 'superbug', affect one patient in
ten in the developed world. These infections cause 5,000 deaths in the UK alone
each year and cost the NHS over £1 billion. Regular surveillance is one of the
best ways to halt the progress of these infections, but it can take two to three
days to identify a hospital-acquired infection and treat the patient or carrier
with the right drug. For some patients this can be too long.

ANGLE founded Acolyte Biomedica in 1999 to commercialise technology for rapid
diagnosis of bacterial infection, with simultaneous identification of the
antibiotics required to treat the relevant infection. Acolyte is commercialising
a novel technology platform, BacLite(R), which the directors believe could
revolutionise clinical diagnostic microbiology by replacing current methods
taking approximately forty eight to seventy two hours with automated systems
giving a diagnosis in approximately two to five hours.

BacLite(R) is based upon technology originally developed by Dstl at Porton Down,
for rapid detection of bacteria in air ('AK Technology'). Acolyte Biomedica has
an exclusive, worldwide licence to Dstl's IP estate in AK Technology for
identification and antibiotic resistance testing of micro-organisms in medical
diagnosis. The directors believe that there is no system currently widely
available that is able to compete with BacLite(R).

The market for diagnostic clinical microbiology capable of being accessed by
Acolyte Biomedica is estimated by the directors to exceed £1.3 billion per
annum. The first BacLite(R) test, for the MRSA superbug, is now in the final
stages of development. Five million MRSA tests are performed in the UK each year
and a further 15 million in the US.

Acolyte Biomedica has strategically positioned itself to exploit the opportunity
created by the need to reduce the diagnostic time and the associated economic
cost and patient burden of hospital acquired infection.  The reduction in time
for diagnosis provides the potential for:

•       faster treatment with the correct antibiotic, reducing patient 
        mortality and the time spent in hospital;

•       rapid screening for control of infection, reducing spread
        of hospital super-bugs; and

•       a decrease in the indiscriminate use of antibiotics reducing hospital 
        drug costs and the development of antibiotic resistant bacteria.


In March 2004, Acolyte Biomedica secured £3.7 million in venture capital to
enable it to launch its MRSA test. At the same time, Chancellor Gordon Brown
singled out the company as a prime example of the new and innovative
biotechnology companies the UK urgently needs, a ringing endorsement of Acolyte
Biomedica's great leap forward.


www.acolytebiomedica.com


IDR Therapeutics LLC

Years of clinical trials must take place before a new drug is brought to market.
Often drugs are withdrawn in the late stages of a trial or soon after launch
because of adverse idiosyncratic drug reactions (IDR) that occur in a tiny
percentage of patients, but which can be fatal.

IDR Therapeutics LLC was founded by ANGLE in March 2001 to redesign and modify
drug candidates that offer high sales potential, but which have been withdrawn
from trial or market because of idiosyncratic events or toxic adverse reactions.

IDR Therapeutics LLC is commercialising a drug redesign strategy that redesigns
the molecular structure of drugs that have failed, removing any toxic side
effects but preserving the therapeutic benefits.  The company's business model
is based on three complementary approaches to generating revenue:

•       securing fee-based contracts for redesigning drugs that have been 
        withdrawn or discarded because of IDRs.

•       redesigning drugs in-house to generate novel intellectual property, 
        leading to licensing and development partnerships.

•       developing a predictive toxicology program for use inproactive screening 
        for candidate drugs that are likely to induce IDRs.  Pharmaceutical and 
        biotechnology company clients will pay on a fee-for-service basis.


The company has billed initial revenues, having completed a contract for a major
pharmaceutical company.


NeuroTargets

Disease and damage to the central nervous system affect hundreds of millions of
people around the world who suffer from a range of symptoms, including numbness,
loss of feeling and pain.

NeuroTargets was founded by ANGLE in 1999 to commercialise intellectual property
developed by the University of Bristol and Professor David Wynick.

At the core of the company's work is its patented and highly efficient
technology for identifying the genes that are involved in pain and nerve repair.
These genes are rarely expressed or expressed at low levels, and so are unlikely
to be discovered using conventional drug discovery methods.

The initial research into gene identification, carried out at the University of
Bristol's neuroscience faculty and on which NeuroTargets was founded, can be
applied to a number of different disease areas affecting the central and
peripheral nervous systems. Current research is focused on neuropathy,
neuropathic pain and inflammatory pain, but the company believes that its drug
discovery technology can be applied to other diseases and illnesses, including
Alzheimer's.

The company's strategy is to form partnership arrangements with pharmaceutical
companies and work with them to identify new drug targets in the central and
peripheral nervous systems. This ambition was realised in April 2001 when
NeuroTargets signed a collaborative research agreement with Merck in the
neuroscience field to provide novel drug targets from one of its proprietary
gene libraries. NeuroTargets subsequently started a research programme in the
inflammatory pain field.

The market for neurological drug targets is substantial, with approximately 165
million people worldwide suffering from rheumatoid arthritis alone. Neuropathy
and neuropathic pain affect several million more, caused by injury arising from
surgery, accident and amputation, or diseases such as diabetes, herpes and AIDS.
It is an extremely difficult condition to treat because it is largely resistant
to most available drugs, including morphine.

NeuroTargets' lead development target, a second galanin receptor sub-type
agonist, has been validated as being associated with traumatic nerve injury and
neuropathy, both of which are associated with the development of neuropathic
pain conditions. A collaborative agreement has been signed with BioFocus, a
leading high throughput screening (HTS) company, to discover novel drug
candidates which will interact with this target.

Funding secured in January 2003 has recently been supplemented with a further
fund-raising in 2004 which will enable NeuroTargets to  build important
relationships with pharmaceutical companies for the development of drug
candidates for its various receptor targets.


www.neurotargets.co.uk


Provexis

Around one-third of all global deaths are caused by circulatory diseases. By
2010, the World Health Organisation estimates that cardiovascular disease will
be the single biggest killer in the developed world.

Provexis Limited was formed in 1999 to transform elements from the food chain
into innovative, health-promoting products to combat major killers such as
cardiovascular disease. Founded by ANGLE to commercialise intellectual property
developed by the Rowett Institute, Europe's leading nutrition research
institute, Provexis develops natural bioactive ingredients that are included in
supplements, functional foods (foods consumed to maintain health) and medical
foods (foods used under the supervision of a physician).

Provexis is distinct from most companies operating in the field of
nutraceuticals in that it is committed to proving the efficacy of its products
in human trials. The company maintains that this form of testing leads to the
development of higher value, patentable products that can be marketed with
substantive health claims.

The most advanced product Provexis has under development is CardioFlow(R). This
is a natural tomato extract, which has a powerful effect on reducing the blood
clotting that is typically associated with cardiovascular disease. This effect
was proven in April 2004, when final phase trials were successfully completed.
It is anticipated that CardioFlow(R) will be incorporated in a mainstream fruit
juice beverage, which will be on sale in early 2005 with an approved health
claim.

Other products in the pipeline include a tablet form of CardioFlow(R) for the
heart healthy dietary supplement market and (in collaboration with the
University of Liverpool) a medical food for the treatment and management of
inflammatory bowel diseases, such as Crohn's disease and ulcerative colitis.

The worldwide market potential for heart healthy foods has been estimated at
$3.4 billion and is forecast to reach $4.6 billion by 2005 as the large 'baby
boom' generation ages and becomes increasingly health aware.


www.provexis.com


Exago


In May 2002 ANGLE, through Exago Limited, secured intellectual property from
British Telecom.  Exago became ANGLE's first disposal when it was sold to
Corpora plc in April 2004 for £5.30 million, satisfied by the issue to ANGLE of
6.07 million shares in Corpora plc. This sale represents a profit of £2.31
million to ANGLE.

Exago was created to commercialise intellectual property developed by BT Exact,
BT's research, technology and IT operations business. In 2003, it launched
eXero, an integrated suite of advanced knowledge discovery, summarisation,
collaboration and expertise location software tools that gives users the ability
to find, manage and share information that is relevant to their business needs.

From the very beginning, Exago's strategy was to generate revenue by licensing
eXero to third parties for selling onto their customers or for building into
wider solutions. This strategy resulted in first year sales of £0.44 million,
the majority of which was in the UK, through a combination of direct and
indirect sales channels.

We believe that the combination of Exago with Corpora extends the product
offering and customer base and provides a strong base for growth of the business
in the future. The market for Corpora's products is forecast to grow from
approximately £436 million globally in 2003 to around £647 million in 2005.

www.exago.com   www.corporaplc.com



ANGLE PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2004


                                                              2004                         restated
                                                                                             2003
Turnover                                                 £               £                £             £
Consulting & Management                          2,656,553                        1,798,040
Ventures                                           219,257                          184,697
                                                                 2,875,810                      1,982,737
Operating costs
Consulting & Management                        (2,228,087)                      (1,904,780)
Ventures                                         (674,918)                        (760,000)
                                                               (2,903,005)                    (2,664,780)
Other operating income
Ventures
Grant income                                             -                            6,400
Profit on disposal of investments                2,309,281                          320,139
                                                                 2,309,281                        326,539
Operating profit / (loss)
Consulting & Management                            428,466                        (106,740)
Ventures
Operating loss                                   (455,661)                        (568,903)
Profit on disposal of investments                2,309,281                          320,139

                                                 1,853,620                        (248,764)
                                                                 2,282,086                      (355,504)

Net interest                                                        46,384                          5,123

Profit / (loss) on ordinary
activities before taxation                                       2,328,470                      (350,381)

Tax on profit / (loss) on ordinary activities                     (37,850)                        (2,113)


Retained profit / (loss) for the year                            2,290,620                      (352,494)

Earnings per share
Basic (pence per share)                                              20.43                         (3.45)
Diluted (pence per share)                                            19.45                         (3.45)




The profit and loss account has been prepared on the basis that all operations
are continuing operations.

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 APRIL 2004

                                                                                                 restated
                                                                                2004                 2003
                                                                                   £                    £
Retained profit / (loss) for the year                                      2,290,620            (352,494)

Currency translation differences                                            (26,647)                    -

Total gains and losses recognised in the year                              2,263,973            (352,494)

Prior year adjustment (Note 3)                                               177,129

Total gains and losses recognised since last Annual Report                 2,441,102




ANGLE PLC


CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2004


                                                                                                     restated
                                                                                    2004                 2003
                                                                                       £                    £
Fixed assets
Tangible assets                                                                   31,959               41,228
Investments                                                                      516,782              330,881
                                                                                 548,741              372,109
Current assets
Investments                                                                    2,398,177                    -
Debtors - due within one year                                                    625,503              583,923
Debtors - due after one year                                                     239,570                    -
Cash at bank and in hand                                                       8,246,871               92,595

                                                                              11,510,121              676,518

Creditors: amount falling due within one year                                (1,063,116)            (490,196)

Net current assets                                                            10,447,005              186,322

Total assets less current liabilities                                         10,995,746              558,431

Creditors: amounts falling due after more than one year                          (6,354)             (12,259)

Net assets                                                                    10,989,392              546,172


Capital and reserves
Called up share capital                                                        1,669,648            1,027,732
Share premium account                                                          7,537,331                    -
Profit and loss account                                                        (770,943)          (3,034,916)
Other reserves                                                                 2,553,356            2,553,356

Shareholders' funds - equity interests                                        10,989,392              546,172






ANGLE PLC


CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2004



                                                                2004                       2003
                                                                  £                          £
Net cash inflow / (outflow) from operating activities                     48,592                  (596,096)

Returns on investment and servicing of finance
Interest received                                           10,960                     11,154
Interest paid                                              (7,307)                    (6,031)

Net cash inflow from returns on investment
and servicing of finance                                                   3,653                      5,123

Capital expenditure and financial investment
Payments to acquire tangible fixed assets                 (15,218)                    (5,522)
Proceeds on disposal of tangible fixed assets                  650                        149
Purchase of investments                                  (106,317)                          -

Net cash outflow for capital expenditure
and financial investment                                               (120,885)                    (5,373)

Acquisitions and disposals
Net cash disposed of with subsidiaries                           -                      (206)

Net cash outflow from acquisitions and disposals                               -                      (206)

Equity dividends paid                                                          -                          -

Net cash outflow before management
of liquid resources and financing                                       (68,640)                  (596,552)


Financing
Issue of ordinary share capital                          8,269,775                      7,500
Capital element of finance lease contracts                (20,212)                   (24,283)

Net cash inflow / (outflow) from financing                             8,249,563                   (16,783)


Increase / (decrease) in cash in the year                              8,180,923                  (613,335)





ANGLE PLC



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2004



C1 Reconciliation of operating loss to net cash outflow from operating
activities


                                                                                               restated
                                                                                     2004          2003
                                                                                        £             £

Operating profit / (loss)                                                       2,282,086     (355,504)
(Profit) on 'deemed' disposals                                                          -     (320,139)
Finance charges                                                                         -             -
Depreciation of tangible fixed assets                                              30,823        48,412
Loss / (profit) on disposal of tangible fixed assets                                  118           605
(Increase) / decrease in current asset investments                            (2,398,177)             -
(Increase) / decrease in debtors                                                (332,361)     (141,835)
Increase / (decrease) in creditors within one year                                466,103       172,365

Net cash inflow / (outflow) from operating activities                              48,592     (596,096)



C2  Analysis of net funds


                                                   1 May     Cash flow       Other non-      30 April
                                                    2003                   cash changes          2004

                                                       £             £                £             £
Net cash:
Cash at bank and in hand                          92,595     8,180,923         (26,647)     8,246,871
Debt:
Finance leases                                  (30,339)        20,212          (6,764)      (16,891)

Net funds                                         62,256     8,201,135         (33,411)     8,229,980



C3 Reconciliation of net cash flow to movements in net funds



                                                                                     2004          2003
                                                                                        £             £

Increase/(decrease) in cash in the year                                         8,180,923     (613,335)
Cash outflow from reduction in debt                                                20,212        24,283
New finance leases                                                                (6,764)      (18,272)
Exchange differences                                                             (26,647)             -

Movement in net funds in the year                                               8,167,724     (607,324)
Opening net funds                                                                  62,256       669,580

Closing net funds                                                               8,229,980        62,256





ANGLE PLC


NOTES TO THE FINANCIAL INFORMATION
FOR THE YEAR ENDED 30 APRIL 2004


The financial information set out above does not constitute the Company's
statutory financial statements for the year ended 30 April 2004 within the
meaning of section 240 of the Companies Act 1985 but are derived from the
audited financial statements.  The auditors have reported on these accounts and
their report was unqualified and did not contain statements under s237(2) or (3)
of the Companies Act 1985.


1       Basis of preparation

In order to enable the successful flotation of the Group it was necessary to
undertake some restructuring of the Group.  The restructuring qualified as a
group reconstruction under FRS6 - Acquisitions and Mergers, and as such was
accounted for via merger accounting.  Under merger accounting the results are
reported for the Group as if the Group had been in existence in its current form
throughout the current and previous financial years.

The financial information for the year ended 30 April 2003 is therefore derived
from the statutory accounts for ANGLE Technology Limited, the former holding
company, as restated for a change in accounting policy for investments.  The
2003 statutory accounts have been delivered to the Registrar of Companies and
the auditor's report on those accounts was unqualified.

The financial information in this announcement has been prepared on the basis of
the accounting policies as set out in the financial statements for the year
ended 30 April 2003, with the exceptions of a change in accounting policy for
fixed asset investments (see Note 2 below).


2       Compliance with accounting standards

The Financial Statements are prepared in accordance with the Companies
Act 1985 and applicable United Kingdom accounting standards.

The directors have, in accordance with sections 226 and 227 of the
Companies Act 1985, departed from the standard format of the profit and loss
account in presenting the financial statements.  Profits and losses on disposals
of investments are included in 'Other operating income' within operating profit
as these represent a return from a principal class of business activity.  Other
material disposals of fixed assets, such as property, that are not part of the
main business activities are shown below operating profit in accordance with the
Companies Act 1985 and FRS3 - Reporting Financial Performance.



3       Change in accounting policies and prior year adjustments

The accounting policies used in preparing the Accounts are consistent
with those used for 2003 with the exception of accounting for investments and
its related impact on associate accounting.  This is a significant change in
accounting policies.

The Audit Committee requested that a review be undertaken of all
significant accounting policies in light of ANGLE's new listed status, feedback
from institutional investors and proposed changes to International Accounting
Standards (IAS) for AIM listed companies.

ANGLE plc incurs costs by virtue of its investment activities in developing its
portfolio of new ventures.  These costs are material in relation to the overall
level of the Group's profitability and the book value of these investments and a
number of issues were identified in relation to the Accounting for Investments.
The review therefore focused on this area and encompassed the examination of
existing UK GAAP (Generally Accepted Accounting Practice), industry practice and
proposed IAS.



ANGLE PLC


NOTES TO THE FINANCIAL INFORMATION (Continued)
FOR THE YEAR ENDED 30 APRIL 2004



3       Change in accounting policies and prior year adjustments (continued)

Following completion of the Group's review, the Board considers that,
as these investments are held with a view to the ultimate realisation of capital
gains, equity accounting would not show a true and fair view of the Group's
interest in these investments.  Therefore as permitted by FRS 9 - Associates and
Joint Ventures, these investments are not equity accounted.

The Board considers the accounting policy change to Accounting for
Investments gives a fairer picture of the true position of the Group and will
assist the user of the Accounts to understand the business by significantly
enhancing the clarity of the earnings, the cost of developing new ventures and
the profits created by this activity.  This change will also align the Group
more closely with industry practice.  The dynamics of the business remain
unchanged as does the underlying value attributable to the portfolio of
investments and pipeline of new ventures. The Group does not revalue its
investments to market or BVCA value so no account is taken of any potential
uplift in their values.  There is no impact on the Group's cash position arising
from these changes.

The profit and loss account and balance sheet for the prior year have
been restated to reflect this change in accounting policies.


4       Tax

The Group is eligible for and takes advantage of the substantial shareholdings
relief UK corporation tax exemption.  This results in the gain from any
disposals of UK investments where the Group has an equity stake greater than
10%, and subject to certain other tests, being free of corporation tax.
Tax is therefore based on the net of profits in the Consulting and
Management businesses as relieved by losses incurred in the establishment and
development of new ventures.


5       Earnings per share

The basic earnings per share is calculated on an after tax profit of
£2.29 million (2003: loss £0.35 million) and a weighted average number of
ordinary shares of 11.21 million (2003: 10.24 million).

Share options are regarded as dilutive if the exercise price was below
the market price at 30 April. FRS14 requires that potentially dilutive issuable
shares are only included in the calculation of fully diluted earnings per share
if their issue would reduce the profit per share or increase the net loss per
share.  The dilutive effect of share options for 2004 amounts to 565,293 shares
(2003: nil) giving an adjusted weighted average number of shares of 11.78
million.



6       Reconciliation of movement in shareholders' funds


                                                                                                restated
Group                                                                           2004                2003
                                                                                   £                   £

Profit / (loss) for the year - as previously reported                                          (561,826)
Prior year adjustment (Note 3)                                                                   209,332

Profit / (loss) for the year - restated                                    2,290,620           (352,494)
Conversion of warrants in ANGLE Technology Ltd                                16,916                   -
Gross proceeds from issue of shares                                        9,000,000              21,855
Issue expenses                                                             (837,669)                   -
Currency translation differences                                            (26,647)                   -

Net addition / (reduction) to shareholders' funds                         10,443,220           (330,639)

Opening shareholders' funds - as previously reported                                             909,014
Prior year adjustment (Note 3)                                                                  (32,203)

Opening shareholders' funds - restated                                       546,172             876,811

Closing shareholders' funds                                               10,989,392             546,172



7       Shareholder communications

Copies of this announcement are posted on the Company's website www.ANGLEplc.com
and are available from Buchanan Communications.

The Annual General Meeting of the Company will be held at 2 pm on 23 September
2004 at ANGLE's offices, Surrey Technology Centre, The Surrey Research Park,
Guildford, GU2 7YG.  Notice of the meeting will be enclosed with the audited
statutory financial statements.

The audited statutory financial statements for the year ended 30 April 2004 are
expected to be distributed to shareholders by 1 September 2004 and will
subsequently be available on the Company's website or from the registered
office, Surrey Technology Centre, Surrey Research Park, Guildford, GU2 7YG.

This preliminary announcement was approved by the Board on 16 August 2004.


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