Final Results

Billam PLC
21 March 2001

                                  BILLAM PLC



                           PRELIMINARY ANNOUNCEMENT

                      FOR THE YEAR ENED 31 DECEMBER 2000



                             FINANCIAL HIGHLIGHTS



MANAGEMENT COMMENTARY



Chairman's statement



Summer 2000 brought a watershed in the history of Billam Plc, your company.
Resurrected, refinanced and repackaged, we re-entered the arena as an
investment company.  Our intention is to become a serious direct investor in
digital technologies, and to invest in life sciences through our associated
company World Life Sciences plc.  In the seven months under the current
management, I am proud to say that we have made strong progress, exceeding
expectations, and emerging among the best performing small investment
companies over that period.



On our return to market in June 2000, we had just 217 shareholders.  Today
there are over 5000.  I would like to thank those who have stayed with us, and
to welcome our newer investors.  At the last Annual General Meeting, my fellow
directors and I pledged to deliver growth in net assets in order to create
shareholder value.  Much of the infrastructure to help achieve that is now in
place.



There has been a dramatic change in the stock market perception of technology
companies over the past year.  Despite sharp falls in share prices, many
excellent technologies and ideas have been developed over that period.  We are
positioning the company to exploit some of the opportunities they offer.



A comprehensive understanding of the relevant technology and of the potential
applications for it in our chosen areas is crucial.  Our early progress has
demonstrated that our executive team has it.  Already, we have succeeded in
selecting a number of investments which should come to market in the short to
medium term.  Two of the companies we have backed have already floated.  IVU
Traffic Technologies AG is now listed on the Neuer Markt in Germany, and World
Life Sciences plc has come to the Alternative Investment Market of the London
Stock Exchange.  These were followed on 16 March 2001 by an initial public
offering on AIM of shares in CybIT Holdings plc.



Wherever possible, it is our intention to give shareholders the opportunity to
participate in the flotation of the companies we have invested in.  We are
operating in exciting areas of growth.  We are pleased to have been able to
help create low priced opportunities for our shareholders to invest alongside
us with the flotation of World Life Sciences and CybIT Holdings.  We hope to
provide further such opportunities in the future.



Your executives are determined to develop Billam's portfolio, building a
strong asset value and a regular stream of income over time.  Our company has
never been in a better position to deliver the promises we have made.



I would like to take this opportunity to thank our founders Angus Forrest and
Peter Hoskins for their sterling work on behalf of our company.  I would also
like to thank our new directors Juliet Hoskins and Mark Lorimer.



I am aware that some shareholders have been concerned by fluctuations in our
share price, and worry that they might reflect upon the company's performance.
Trading in penny shares is often volatile and sometimes appears
frustratingly illogical.  Your directors are constantly addressing new ways of
presenting proper information to shareholders, using our website, our
discussion forum, news alerts via email and accessibility by telephone.  We
hope that by keeping investors in touch with our progress we can encourage
greater shareholder understanding, confidence and loyalty.


Executive Report


Since 1 June 2000, Billam has made significant progress.  The company has
become established as a successful direct investor in serious digital
technology and software platforms, and as an investor in life sciences through
an associated company World Life Sciences plc.



Two of the companies we have backed have floated - IVU Traffic Technologies AG
and World Life Sciences plc.  A third, CybIT Holdings plc floated on the
Alternative Investment Market of the London Stock Exchange on 16 March 2001.



Investment activity


Telematics, the monitoring of remote sensing instrumentation using a
combination of global positioning systems, public access radio systems and/or
telephony in conjunction with computers to provide real time information which
can be used to facilitate control mechanisms, has significant opportunities
for growth and offers obvious and substantial benefits to prospective users.
We have invested in three telematics companies with complementary skills.  We
have gone on to invest in software products, including a health information
database and communication tool for doctors, a financial modelling
application, and a platform for seamless trading and settlement in financial
markets.  Our Swiss subsidiary, Billam AG, has backed World Life Sciences plc,
which will develop investments in life sciences.



All of the companies we have invested in, except for World Life Sciences,
operate in growth markets delivering business to business services with
quantifiable and sustainable benefits for their customers.  Our executive team
believes it is crucial that the managers of any company we support should have
an absolute understanding of the applications and value offered by their
products or services.



Performance in the period 1 June - 31 December 2000



Our objective is to increase net asset value faster than the benchmark indices
of the FTSE Techmark Index, the FTSE All-Share Index, and the FTSE AIM index.

                                       

Net assets per share increased by 300% in the period.



During the same period:



FTSE Techmark All share index fell              -           1%
FTSE All share index fell                       -           13%
FTSE AIM Index fell                             -           13%



Outlook for the portfolio



Exciting and enthusiastic are terms rarely used by investment fund managers.
We think the year ahead is exciting, and we are enthusiastic about Billam's
ability to continue to establish itself as a serious investment company able
to identify growth sectors, and market opportunities.  We have pledged to
deliver growth in net assets in order to drive growth in our share price.  In
the short to medium term, Billam has never been in a better position to
deliver that pledge.



Corporate status



The Company is registered as Public Limited Company in terms of the Companies
Act 1985.  The company's shares of 0.1p each are listed on the Alternative
Investment Market (AIM) of the London Stock Exchange.



Subsidiary undertaking



The Company has a 100% interest in Billam AG, a company registered in
Switzerland.  Billam AG's business is to make investments in unquoted and
quoted companies.  In the period to 31 December 2000 Billam AG was founded,
commenced trading and made a profit before tax of £2,007,000 including an
unrealised capital gain of £2,000,000.



Results and dividends



The net return of the Group for the year before taxation amounted to £
4,114,000 (1999: loss £3,404,000).  The directors do not recommend a dividend
for the year ended 31 December 2000.



Assets



The net assets of the Group at 31 December 2000 totalled £6,277,000 (1999:
liabilities £2,614,000).  The net assets per ordinary share as at 31 December
2000 were 0.72p.



Post balance sheet event



On 16 March 2001 the shares of CybIT Holdings plc were admitted to trading on
the Alternative Investment Market.



The placing price was 3.5p and the directors estimate that this would give
Billam Plc net assets of £15.6 million and net assets per share of 1.84p at
that date.



Communication



Billam's website (www.billamplc.co.uk) provides shareholders with regular news
about the company and the companies we invest in.  Please register on the
website to receive further news bulletins.



Conclusion



I would like to thank all my colleagues for their hard work, enthusiasm and
support. The contribution Peter Hoskins has made to our understanding of
technology platforms and analysing investment opportunities has been a major
factor in the success of the business and in generating shareholder value
since Spring 2000.





The preliminary announcement was approved by the Board on 20 March 2001.


PORTFOLIO REVIEW



The directors have reviewed below the portfolio of investments currently held.
The review focuses on the exciting possibilities that exist for those
companies.  It is the directors' intention when deciding upon investments to
apply significant due diligence to the investment procedures in order to
reduce risks arising from its investment.



Autonomics Limited



Autonomics Limited is developing its first product, Transaccs, a financial
modelling tool, under the guidance of Chief Executive John Taylor.  Transaccs
targets the multi-million dollar worldwide market for financial planning
software.  We have agreed to invest £3 million against defined technology
milestones in exchange for a 32.5% shareholding.  This investment has
attracted significant worldwide interest, notably from a number of American
investment corporations.



Billam AG



Billam AG, a wholly owned subsidiary, is based in Bern, Switzerland.  Formed
to help handle investments in mainland Europe, its first holding is in World
Life Sciences plc.  Our original investment was £800,000.  Following flotation
in November, Billam AG's 42% shareholding was valued at £3 million on 31
December 2000.  World Life Sciences intends to invest in life science
companies with an emphasis on proteomics, genomics and combinational
chemistry.



CybIT Limited



CybIT is the UK's first dedicated telematics Application Service Provider and
Internet Service Provider.  It has access to leading technology, a
comprehensive range of products, and offers a first class service.  Growth
prospects are exponential.  Billam agreed to invest a total of £1 million for
50.22% of the share capital.  At the time of this report CybIT is negotiating
contracts with several leading companies, and floated on the Alternative
Investment Market of the London Stock Exchange on 16 March 2001.



IntegriSys Limited



IntegriSys, which trades as Fizz Informatics, is the fastest growing medical
infomediary in the UK and is set to become an industry standard.  Fizz offers
doctors and nurses access to biomedical information, and allows pharmaceutical
companies to deliver and retrieve information directly to and from GPs.  The
company is generating expanding revenue streams to take it through to
profitability in 2002.  Proven success in the UK will be followed by further
development in Australasia, Europe and North America.  Billam has invested £
500,000 for 6.66% of the share capital.



IVU Traffic Technologies AG

Berlin, Germany



IVU develops intelligent software which offers innovative and efficient
solutions to the varied demands of a mobile society.  It is one of the world's
leading suppliers of IT Systems for optimising logistic processes, and has
extensive expertise and a quarter of a century of experience.  It is
undertaking research into key technologies like traffic telematics, mobile
communications and the internet, and has created an extreme information
platform elogistically addressing solutions for a world on the move.
Elogistics takes what appears to us to be obvious - our actual location - and
incorporates this into an innovative solution to create a new dimension of
fast and comprehensible information.  Billam has acquired at 1% shareholding
at a cost of 692,000 Euros.


TigerEx.net Limited



TigerEx was founded in March 2000 by Paul Barnes and Michael Waller-Bridge,
formerly senior officers of the Tradepoint Stock Exchange.  TigerEx aims to
become the principal service company to a series of associated joint venture
companies planned around the world.  They will bring together stock exchanges,
institutional banking houses and broker-dealers in an internet-based order
routing system.  Initially the proposed service will operate in the Pacific/
Oceania Region.  It is designed to allow on-line investors to trade, clear and
settle in any major market, including their home market, through a single
consolidated account with their local broker.



TigerEx can enable partners to create new financial products.  It also offers
institutional partners a reliable, low cost, liquid cross-border trading
platform in association with participating Stock Exchanges.  By extending the
reach of participating markets and aggregating transactions, TigerEx aims to
add liquidity and reduce total trading costs.



TigerEx plans to commence service operations in the first quarter of 2001.
Billam has invested $890,000 for a 3.0% shareholding.



Tri-Mex Group Limited



Tri-mex is a global telematic solutions provider which uniquely monitors
vulnerable, valuable, perishable or hazardous cargoes in real time.  It
focuses on tracking and monitoring the actual cargoes, rather than just the
transport vehicles, in complex global supply chains.  Tri-mex systems reduce
the risks and costs of movements arising from theft, poor environmental
control or inefficient supply chain management.  It addresses a global market
in which $30 billion of cargo is stolen each year.  Billam believes this
investment is totally complementary with those in CybIT and IVU Traffic
Technologies AG.  Billam acquired a 2.75% shareholding for £1 million.




CONSOLIDATED STATEMENT OF TOTAL RETURN (Incorporating The Revenue Account)
FOR THE YEAR ENDED 31 DECEMBER 2000


                           2000       2000         2000    2000  2000       1999
                Note      £'000      £'000        £'000   £'000 £'000      £'000
                     Continuing Continuing Discontinued             Discontinued
                     operations Operations   operations  Total  Total operations
                        Capital    Revenue      Revenue Revenue          Revenue

Gains on                  1,820          -            -       - 1,820          -
investments

Income                        -        287            -     287   287       637

Gross revenue         
and capital
return                    1,820        287            -     287 2,107       637

Administrative                -       (229)           -    (229) (229)   (2,468)
expenses

Net return                                                  
before
exceptional               1,820         58            -      58 1,878    (1,831)
items

Exceptional
items:

Loss on            2          -          -            -       -     -      (472)
disposal of
fixed assets                

Provision
against
subsidiary
undertakings       2          -          -            -       -     -    (1,044)

Surplus                                           
arising on
fundamental        
reorganisation    2           -          -        2,237   2,237 2,237         -

Net return                             
before finance
costs and                 1,820         58        2,237   2,295 4,115    (3,347)
taxation

Interest                      
payable and
similar                    
charges                       -         (1)           -      (1)   (1)      (57)

Return on                 
ordinary
activities                                          
before
taxation                  1,820         57        2,237   2,294 4,114    (3,404)

Tax on             
ordinary
activities         3      (500)          -            -       -  (500)        1

Return                                               
attributable
to equity                 
shareholders              1,320         57        2,237   2,294 3,614    (3,403)



Return per
ordinary share
Basic              4      0.30p      0.01p        0.52p   0.53p 0.83p     (2.1p)



The total revenue column of this statement is the profit and loss of the
Group.








CONSOLIDATED BALANCE SHEET

AT 31 DECEMBER 2000
                                                                   Group
                                                                 2000    1999
                                                                 £'000   £'000
Fixed assets
Tangible assets                                                      1       -
Investments                                                      5,902       -
                                                                 5,903       -

Current assets
Debtors                                                            307       -
Investments                                                          -     425
Cash at bank and in hand                                           751     524
                                                                 1,058     949

Creditors: amounts falling due within one year                    (184) (3,563)

Net current assets/(liabilities)                                   874  (2,614)

Total assets less current liabilities                            6,777  (2,614)

Provision for liabilities and charges                             (500)      -

                                                                 6,277  (2,614)

Capital and reserves
Called up share capital                                          1,005     162
Share premium account                                            4,595     161
Capital reserve unrealised                                       1,320       -
Revenue account                                                   (643) (2,937)
Shareholders' funds                                              6,277  (2,614)



CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2000
                                                      2000  2000     1999  1999
                                                Note £'000 £'000    £'000 £'000

Net cash (outflow)/inflow from operating           5       (475)          1,434
activities

Returns on investments and servicing of
finance
Interest received                                        -             2
Interest paid                                          (1)           (52)
Interest paid on finance leases                          -            (7)


Net cash outflow from returns on investments                  (1)          (57)
and servicing of finance                                      
                                                             

Capital expenditure and financial investment
Purchase of tangible fixed assets                      (2)          (146)
Sale of tangible fixed assets                            -           676
Purchase of investments                            (4,082)             -
                                                         (4,084)           530

Net cash (outflow)/inflow before financing               (4,560)         1,907

Financing
Capital element of finance lease rentals                 -           (98)
Repayment of borrowing                               (490)          (842)
Repayment of debt due within one year                    -           (64)
Issue of share capital                              5,277               -

Net cash inflow/(outflow) from financing                  4,787         (1,004)

Increase in cash in the year                      6         227            903





NOTES TO THE PRELIMINARY ANNOUNCEMENT

For the YEAR ended 31 December 2000



1.         BASIS OF PREPARATION



The preliminary announcement has been prepared under the historical cost
convention, as modified by the revaluation of investment assets.



The Group's accounts have been prepared in accordance with the Statement of
Recommended Practice for investment trusts.



The significant accounting policy of the Group is as follows;



INVESTMENTS



Listed investments are valued at mid market prices.  Unlisted investments are
valued at the Board's estimate of net realisable value.  Unlisted investments
are valued with reference to available information including market prices of
similar companies, latest dealings, accounting information and professional
advice as appropriate in accordance with the guidelines issued by the British
Venture Capital Association.



Realised surpluses or deficits on the disposal of investments and permanent
impairments in the value of investments are taken to capital reserve -
realised, and unrealised surpluses and deficits on the revaluation of
investments are taken to capital reserve - unrealised.



2.         EXCEPTIONAL ITEMS
                                                              2000         1999
                                                             £'000        £'000

                                                      Discontinued Discontinued
                                                        operations   operations
                                                           Revenue      Revenue

Loss on disposal of fixed assets                                 -          153
Loss on restatement of asset values transferred to               -          319
current asset investments
                                                                 -          472
Elimination of the net assets of subsidiary
undertakings from the Group
financial statements and associated provisions                   -        1,044
Surplus arising on fundamental reorganisation                2,237            -
                                                             2,237        1,516



3.         TAX ON ORDINARY ACTIVITIES



The taxation for the year is made up as follows:


                        2000       2000         2000    2000  2000         1999

                       £'000      £'000        £'000   £'000 £'000        £'000
                  Continuing Continuing Discontinued               Discontinued
                  operations operations   operations   Total Total   operations
                     Capital    Revenue      Revenue Revenue            Revenue

Deferred tax             500          -            -       -   500            -
Irrecoverable              -          -            -       -     -          (1)
ACT
                         500          -            -       -   500          (1)




4.         RETURN PER ORDINARY SHARE



The return per ordinary share is based on the weighted average number of
ordinary shares in issue during the year of 435,654,217 (1999: 162,000,000)
and the following figures:


                        2000       2000         2000    2000  2000         1999

                       £'000      £'000        £'000   £'000 £'000        £'000
                  Continuing Continuing Discontinued               Discontinued
                  operations operations   operations   Total Total   operations
                     Capital    Revenue      Revenue Revenue            Revenue

Return after           1,320         57        2,237   2,294 3,614      (3,403)
taxation

Return per ordinary    0.30p      0.01p        0.52p   0.53p 0.83p       (2.1p)
shares



The comparative figures have been restated to take account of the
restructuring of share capital which took place in the year.



5.         RECONCILIATION OF OPERATING RETURNS TO NET CASH FLOW FROM OPERATING
ACTIVITIES


                                                               2000        1999
                                                              £'000       £'000

Operating return                                              1,878      (1,831)
Surplus on fundamental reorganisation                         2,237           -
Depreciation and amortisation                                     1          49
Unrealised increase in investment appreciation               (1,820)          -
Decrease in debtors                                             118         680
(Decrease)/increase in creditors                               (652)      2,536
Exceptional loss on disposal of fixed assets                    123           -
Exceptional gain arising on CVA                              (2,360)          -
                                                               (475)      1,434



6.         RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT)


                                                               2000        1999
                                                              £'000       £'000

Increase in cash in the year                                    227         903
Cash inflow from financing                                      490       1,004
Change in net debt resulting from cash flows                    717       1,907
Other non-cash items                                            238           -
Net debt at 1 January 2000                                     (204)     (2,111)
Net funds/(debt) at 31 December 2000                            751        (204)



7.         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 balance sheet at 31 December 2000 and the profit and loss account, cash
flow statement and associated notes for the year then ended received an
unqualified audit opinion and have been extracted from the Group's 2000
statutory financial statements.  However, the 1999 comparative figures for the
profit and loss account only were qualified arising solely from limitation in
audit evidence as a result of the administrative receivership of the former
subsidiaries in that year.



Those financial statements have not yet been delivered to the Registrar.