Final Results

Auxinet PLC
17 April 2001

auxinet plc today announces its results for the period to 31 December 2001
which includes the results of DataCash, the Payments Solutions provider
acquired on 24 March 2000.

Highlights:


  * Turnover for the Group up 227% to £5.1m.

  * Operating loss for the Group of £2m.

  * DataCash produces operating loss of £1.6m, but is now cash neutral, and
    will be profitable in the second half of 2001. Revenues up over 400%,
    client base increases by 270%. Transaction levels now running at over
    600,000 per month.

  * Recruitment business profitable in the second half producing an
    operating profit of £781,000 for the year.

  * Platima, a B2B payments solution, is launched, and announces first
    client.

David Bailey, Chairman, said :

'All our businesses saw substantial growth in the period providing a strong
platform from which to develop further' ..... 'the continued growth in
payments transactions within DataCash, coupled with the significant
opportunities being created by Platima, leave the Board very confident of
seeing further substantial growth in 2001, and beyond'

Chairman's Statement

The year 2000 was a very active one for your Company. In March 2000 we
acquired DataCash, raised a net £6.7m of new capital, and changed our name
from Corporate Executive Search International plc to auxinet plc. The funds
raised have been used to provide working capital to the Group, to upgrade the
DataCash software improving both its functionality and capacity, to strengthen
the management capability of the Group and to develop Platima, our new
Business-to-Business (B2B) payments service. The Platima service is a
significant milestone towards our strategic objective of establishing auxinet
as the leading provider of payments solutions over Internet Protocol (IP)
worldwide.

All our businesses saw substantial growth in the period providing a strong
platform from which to develop further. In the year ended 31 December 2000,
combined turnover for the Group grew by nearly 227% to £5.1 million, with an
operating loss before significant non-cash charges for the period of £2
million. The Group incurred significant non-cash charges of £1.6 million; £1.5
million of which related to amortisation of goodwill created on the
acquisition of DataCash. This resulted in a loss before tax of £3.6 million
for the year. At the half-year end the board was considering annual impairment
reviews of the carrying value of goodwill. However, after due consideration
and discussions with our advisers, the directors concluded that annual
impairment reviews would be impractical. Taking in to account a number of
factors, including the significant growth experienced by DataCash during the
period, its market-leading position and our investment in enhanced technology,
the directors remain confident that the £19.7 million consideration paid for
the DataCash continues to reflect its market value. However, the directors
acknowledge that they have a responsibility under financial reporting
standards and following discussions with our advisers have adopted an
amortisation period of at least 10 years. The directors will continue to
review the amortisation period annually.

DataCash is the foundation of our expressed ambition to become the pre-eminent
Business-to-Consumer (B2C) payment solution not only in the UK but also
internationally. The business has grown from turnover of £317,000, in the ten
months to December 1999, to a turnover of £1.2 million in the year to December
2000 (of which only £997,000 is reported in these accounts to cover the period
that DataCash was owned by auxinet). DataCash incurred an operating loss of £
1.6 million during the 9 month period, reflecting the heavy investment in
people and technology. The business' burn rate reduced considerably throughout
2000 as revenues have grown, and we are delighted to report that the DataCash
business has become cash neutral, before Group costs, during this first
quarter of 2001, sooner than previously anticipated. DataCash's transactions
grew by more than 400%, with almost a three-fold increase in the average daily
transactions. The number of customers grew by more than 270%; with transaction
levels now running in excess of 600,000 per month we remain confident that
DataCash will continue to grow strongly, and will become increasingly
profitable as the year progresses.

The recruitment business as a whole increased its turnover producing revenue
for the year of £4.1 million, compared with £1.6 million for the 9 months from
April to December 1999. During the year the recruitment business saw the
successful launch of Boldly-go, our on-line recruitment business targeted at
the emerging technology and e-commerce markets, which contributed £500,000 of
turnover in its first trading period. Taking the combined recruitment
businesses together second half turnover growth of 134% generated an operating
profit for the year, before significant non-cash charges and Group costs, of £
781,000, compared to the first half profit of £107,000. Current trading has
seen demand in our market soften in the first quarter of 2001 and we have
taken the necessary and prudent measures to maintain profitability.

As previously mentioned part of the funds raised in March 2000 have been used
to develop Platima, a global B2B payment system. This project was completed
towards the end of the year, and we are delighted to have secured our first
contract with Mondus, a leading European B2B exchange hub, as previously
announced to the markets on 9 April 2001. We are very excited about the
prospects for Platima as we have what we believe is a unique product serving
the embryonic B2B market place that turns e-business into true e-commerce by
providing an efficient, automated and reliable payment solution to exchange
hubs, e-procurement hubs and ERP (Enterprise Resource Planning) systems.

We have taken the opportunity, now that Platima has moved from being a project
to a marketable product, to create within the auxinet Group structure a
payments division combining both DataCash B2C and Platima B2B product
offerings. We have appointed Marc Wood, who joined the Board on 2 January
2001, as Managing Director of both payment companies in order to benefit from
the shared management, technological and infrastructure resources.

This has been a very challenging period where we have invested in the future
success of your Group. We have achieved a considerable amount and this is
testament to the abilities and commitment of the employees of all the Group
companies who I wish to take this opportunity to thank.

While the recruitment business has experienced a quiet first quarter, the
continued growth in payments transactions within DataCash, coupled with the
significant opportunities being created by Platima, leave the Board very
confident of seeing further substantial growth in 2001, and beyond.

David Bailey

Chairman



auxinet plc

Consolidated profit and loss account

For the year ended 31 December 2000

                       
                         Continuing       operations 
                          
                          12 months    Acquisitions         Total    9 months
                              ended       12 months     12 months    ended 31
                        31 December           ended         ended    December 
                                        31 December   31 December               
                              2000             2000         2000         1999 
                              £000             £000         £000         £000 

  Turnover                   4,088              997        5,085        1,615 
  
  Administrative                                                              
  expenses                                                                    
    Amortisation of              -          (1,537)      (1,537)            - 
    goodwill                                                                    
    Provision for             (39)                -         (39)        (133) 
    national                                                                    
    insurance on                                                                
    share option                                                               
    gains                                                                       
    Severance                    -                -            -         (92) 
    payments                                                                    
    Share scheme                 -                -            -           62 
    credit                                                                      
    Other                  (4,263)          (2,833)      (7,096)      (1,676) 
  Total                    (4,302)          (4,370)      (8,672)      (1,839) 
  administrative                                                              
  expenses 
                                                                   
  Operating loss             (214)          (3,373)      (3,587)        (224) 
  
  Interest                                                   231           14 
  receivable and                                                              
  similar income                                                              
  Interest payable                                          (15)         (21) 
  and similar                                                                 
  charges                                                                     
  
  Loss on ordinary                                       (3,371)        (231) 
  activities                                                                  
  before taxation                                                             
  
  Tax on loss on                                               -            - 
  ordinary                                                                    
  activities                                                                  
  
  Loss on ordinary                                       (3,371)        (231) 
  activities after                                                            
  taxation                                                                    
 
  Dividends                                                    -            - 
  
  Retained loss                                          (3,371)        (231) 
  for the period                                                              
 
  Basic and                                               (1.02)p      (0.15)p 
  diluted loss per                                                              
  share                                                                       
  
  Adjusted basic                                          (0.55)p      (0.07)p 
  and diluted loss                                                            
  per share                                                              



                             

There were no recognised gains or losses other than those shown in the profit
and loss account.

There are no differences between historical cost profits and losses and those
shown above.

All operations are classed as continuing.



auxinet plc

Consolidated balance sheet

As at 31 December 2000

                                                           31               31
                                                     December         December
                                                         2000             1999
                                                         £000             £000
Fixed assets
Intangible assets                                      18,212                -
Tangible assets                                         2,337              157
Investments                                               470                -
                                                       21,019              157

Current assets
Debtors                                                 1,905              727
Cash at bank and in hand                                3,080              521
                                                        4,985            1,248
Creditors
Amounts falling due within one year                   (2,831)            (615)

Net current assets                                      2,154              633

Total assets less current liabilities                  23,173              790

Creditors
Amounts falling due after more than one year                -             (95)

Provisions for liabilities and charges                  (172)            (133)

Net assets                                             23,001              562

Capital and reserves
Called up share capital                                   378              159
Share premium account                                   7,452              748
Share scheme reserve                                       19               21
Merger reserve                                          (124)            (124)
Other reserve                                          18,889                -
Profit and loss account                               (3,613)            (242)

Equity shareholders' funds                             23,001              562  
                                                  


auxinet plc

Consolidated cash flow statement

For the year ended 31 December 2000

                                                      12 months        9 months
                                                          ended           ended
                                                             31              31
                                                       December        December
                                                           2000            1999

                                                           £000            £000

Net cash outflow from operating activities              (1,752)            (15)

Returns on investments and servicing of finance
Interest received                                           231              14
Overdraft interest and similar charges                      (2)             (4)
Interest element of finance lease rental payments          (13)            (17)

Net cash inflow/(outflow) from returns on                   216             (7)
investments and servicing of finance

Capital expenditure and financial investment
Purchase of tangible fixed assets                       (1,894)            (16)
Sale of tangible fixed assets                                16               8
Development costs                                             -
Loans                                                     (370)
Fixed asset investments                                   (100)

Net cash outflow from capital expenditure               (2,348)             (8)

Acquisitions and disposals
Investments in subsidiary undertakings                    (315)               -
Cash acquired with subsidiaries                              63               -

Net cash outflow from acquisitions and disposals          (252)               -


Net cash outflow before management of liquid            (4,136)            (30)
resources and financing

Management of liquid resources
Increase in short term bank deposits                    (2,500)           (250)

Net cash outflow from management of liquid resources    (2,500)           (250)

Financing
Capital element of finance lease rental payments           (68)            (45)
Issue of ordinary share capital including premium         6,757               -
(net of expenses)
Exercise of share options                                     6              65

Net cash inflow from financing                            6,695              20

Increase/(decrease) in cash in the period                    59           (260)



Notes


        (1)     The financial information contained in this report does not
        constitute statutory accounts within the meaning of Section 240 of the
        Companies Act 1985 The financial information for the period ended 31
        December 1999 is extracted from the Group's financial statements to
        that date which received an unqualified report and have been filed
        with the Registrar of Companies. The report and accounts for the year
        ended 31 December 2000 were approved by the Board on 12 April 2001,
        carry an unqualified audit report and will be filed with the Registrar
        of Companies in due course.


        (2)     Earnings per share

                                                           
                                                    12 months          9 months
                                                        ended             ended
                                                           31                31 
                                                     December          December 
                                                         2000              1999
                                                         £000              £000

(Loss) on ordinary activities
before taxation                                       (3,371)             (231)
Administrative expenses adjustment (including           1,576               129
tax effect) - see below

Loss on ordinary activities before                    (1,795)             (102)

Administrative items

Weighted average number of shares                329,117,995        156,210,473

The adjustment in respect of administrative expenses represents the effect of
adding back amortisation of goodwill, provision for national insurance on share
option gains, severance payments and share scheme credits as separately
disclosed in the consolidated profit and loss account.


        The earnings figure for basic and diluted earnings per share is based
        on the loss on ordinary activities after tax of £3,371,000 (December
        1999: loss £231,000). The weighted average number of ordinary shares
        outstanding during the period used in the calculation of basic
        earnings per share was 329,117,995 (December 1999: 156,210,473).

        The effect of all potential ordinary shares is anti-dilutive.

        The directors believe that the adjusted earnings per share figure
        assists in the presentation of the Group's underlying performance.

(3)      Reconciliation of operating (loss) to operating cash flows

                                                   12 months           9 months
                                                       ended              ended
                                                 31 December        31 December
                                                        2000               1999

                                                        £000               £000

Operating loss                                       (3,587)              (224)
Amortisation                                           1,537                  -
Depreciation                                             237                103
Profit on disposal of fixed assets                       (1)                (1)
Increase in debtors                                    (979)               (15)
Increase in creditors                                    972                 51
Provision for diminution in value of                      30                  -
investments
Provision for national insurance on share                 39                133
option gains
Share scheme credit                                        -               (62)

Net cash outflow from operating                      (1,752)               (15)
activities




        (4)     Copies of the Annual Report and Accounts for the year ended 31
        December 2000 will be mailed to shareholders and will then be
        available free of charge from the Company's registered office at 50-51
        Bedford Row, London, WC1 4LR.



Enquires to : David Bailey )

Marc Wood ) Tel No: 0207 759 7900

Julian Compton )

                                                                 17 April 2001