Interim Results

Datacash Group PLC
06 August 2003

                              DATACASH GROUP PLC

                               INTERIM RESULTS
                         Six months ended 30 June 2003

DataCash Group plc today announces its interim results for the six months to 30
June 2003


Highlights

  • Datacash announces its first half-yearly profit (before goodwill
    amortization)
  • First half PBT (pre-goodwill and NI provision) of £273,000 (2002 :
    £284,000 loss)
  • First half Revenue up 36% to £1.69m (2002 : £1.24m)
  • Cash balances rose to £920,000 (31.12.02: £667,000)
  • Transaction volumes up 46%
  • Costs reduced and forecast to be similar in the second half.
  • A number of successful new product launches in the period
  • Some excellent new high profile customer wins


David Bailey, Chairman of DataCash Group plc, said:

"The Board's stated objective in 2002, of sustainable, profitable, cash
generative growth has been realised in the first six months of 2003.

...the requirement to combine processing of both cardholder present and not
present transactions is becoming increasingly apparent........The DataCash
outsourcing proposition is attracting significant interest and we are confident
that this will generate future revenue growth.

The Board is confident that the second half will see further revenue and profits
growth."



For further information contact:

David Bailey (Chairman): 0870 7274760
Keith Butcher (Finance Director): 0870 7274760

=============================================================================



DATACASH GROUP PLC

Interim Results statement

Six months to 30 June 2003

The Board of DataCash Group plc, the payment service provider, is pleased to
announce its first half-yearly profit, before goodwill amortisation, in the six
months to 30 June 2003.

First half revenues continued to grow strongly, increasing by 36% to £1.69m
compared with last year, and the Board's stated objective in 2002 of
sustainable, profitable, cash generative growth has been realised.

Profits before tax, goodwill amortisation and NI provision (for an outstanding
vested option) for the six months to 30 June 2003 were £273,000 compared with a
loss of £284,000 for the same period in 2002 and adjusted earnings per share
(before goodwill amortisation) were 0.62p (2002: -0.65p).

The Group was cash positive throughout the first half of 2003, ending the period
with £920,000 in cash balances (£667,000 at 31.12.02) and we expect to continue
to be cash generative on an ongoing basis.

Costs were reduced to £1.43m (2002 £1.54m) and we expect second half costs to be
broadly similar.  As stated in the 2002 Annual Report and Accounts, we believe
that we can accommodate sizeable increases in both customers and transaction
volumes without this cost base rising significantly. Transaction volumes rose by
46% to 12.6m and we have won some excellent new high profile customers, which
should underpin our future growth.

Historically the group has focused solely on processing cardholder-not-present
transactions. However, as discussed in the 2002 Annual Report and Accounts, the
requirement to combine processing of both cardholder present and not present
transactions is becoming increasingly apparent. This trend is expected to be
accelerated by new banking initiatives that will significantly broaden the
market opportunity of your Company. We are particularly encouraged by the
prospects in the retail sector, where retailers are having to upgrade their
systems by 2005 to support the new payment standards. The DataCash outsourcing
proposition is attracting significant interest and we are confident that this
will generate future revenue growth.

The period saw a number of successful new product launches, including DataCash's
own Merchant Plug-In solution and associated support for the 3-D Secure
protocols, accreditation for GE Capital Private Label cards, accreditation with
Allied Irish Bank (AIB), and support for continuous authority credit card and
Direct Debit transactions. Developments aimed at further differentiating and
improving the service to our customers are expected in the second half.

The Board is confident that the second half of the year will see further revenue
and profits growth.

The Group changed its name from Auxinet plc to DataCash Group plc in June. New
share certificates have not been issued, but shareholders who wish to change
their share certificates can do so at no charge by writing to the registrars,
Capita Registrars, at the address at the end of this report.


David Bailey
Chairman
6 August 2003

================================================================================





DataCash Group plc

Consolidated Profit and Loss account (unaudited)
For the 6 months ended 30 June 2003
                                                         6 months ended      6 months ended       Year ended
                                                           30 June 2003        30 June 2002      31 Dec 2002
                                                                   £000                £000             £000

Turnover                                                          1,693               1,244            2,703

Administrative expenses
Amortisation of goodwill                                          (988)               (988)          (1,975)
(Increase)/decrease in provision for
national insurance on share option gains                           (10)                   8              -
Other                                                           (1,427)             (1,540)          (3,113)
Total administrative expenses                                   (2,425)             (2,520)          (5,088)

Operating loss                                                    (732)             (1,276)          (2,385)

Interest receivable and similar income                                7                  12               19

Loss on ordinary activities before taxation                       (725)             (1,264)          (2,366)

Tax on loss on ordinary activities                                   -                   -                -

Loss on ordinary activities after taxation                        (725)             (1,264)          (2,366)

Dividends                                                            -                   -                -

Loss for the period                                               (725)             (1,264)          (2,366)



Basic and diluted loss per share (pence)                         (1.66)p             (2.91)p          (5.44)p

Adjusted basic and diluted profit/(loss) per share                 0.62p             (0.65)p          (0.90)p



All amounts relate to continuing activities.

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.






Consolidated Balance Sheet (unaudited)
As at 30 June 2003
                                                                  As at               As at            As at
                                                           30 June 2003        30 June 2002      31 Dec 2002
                                                                   £000                £000             £000
                                                                   £000                £000             £000

Fixed assets
Intangible assets                                                13,274              15,249           14,262
Tangible assets                                                     141                 252              170
Investments                                                         160                 170              160
                                                                 13,575              15,671           14,592

Current assets
Debtors                                                             603                 513              641
Cash at bank and in hand                                            920                 748              667
                                                                  1,523               1,261            1,308

Creditors
Amounts falling due within one year                               (809)             (1,161)            (959)

Net current assets                                                  714                 100              349

Total assets less current liabilities                            14,289              15,771           14,941

Provisions for liabilities and charges                            (799)               (517)            (789)


Net assets                                                       13,490              15,254           14,152

Capital and reserves
Called up share capital                                             440                 436              436
Share premium account                                             9,568               9,509            9,509
Share scheme reserve                                                  4                   4                4
Merger reserve                                                    (124)               (124)            (124)
Other reserve                                                    18,889              18,889           18,889
Profit and loss account                                        (15,287)            (13,461)         (14,562)

Equity shareholders' funds                                       13,490              15,254           14,152







Consolidated Cash Flow statement (unaudited)
For the 6 months ended 30 June 2003
                                                         6 months ended      6 months ended       Year ended
                                                           30 June 2003        30 June 2002      31 Dec 2002
                                                                   £000                £000             £000

Net cash inflow/(outflow) from operating activities                 225               (296)            (357)

Returns on investments and servicing of finance
Interest received                                                     7                  12               19

Net cash inflow from returns on investments
and servicing of finance                                              7                  12               19

Capital expenditure and financial investment
Purchase of tangible fixed assets                                  (42)                (30)             (67)
Decrease in investment loans                                         -                   40               50

Net cash (outflow)/inflow from capital expenditure
and financial investments                                          (42)                  10             (17)


Net cash inflow/(outflow) before management
of liquid resources and financing                                   190               (274)            (355)

Management of liquid resources
(Increase)/Decrease in short term bank deposits                   (173)                 404              364

Net cash (outflow)/inflow from management
of liquid resources                                               (173)                 404              364

Financing
Exercise of share options                                            63                  71               71

Net cash inflow from financing                                       63                  71               71

Increase in cash in the period                                       80                 201               80






Notes

(1)  Basis of preparation

The results for the six months ended 30 June 2003 and the comparative figures
for the six months ended 30 June 2002 are unaudited. They have been prepared on
accounting bases and policies that are consistent with those used in the
preparation of the financial statements of the Group for the year ended 31
December 2002.

The financial information contained in this report does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 (as
amended). The results for the year ended 31 December 2002 were reported on by
the auditors and received an unqualified report and contained no statement under
Section 237(2) or (3) of the Companies Act 1985 (as amended). Full accounts have
been delivered to the Registrar of Companies and are available on request.

(2)  Exceptional item

The exceptional item in 2003 relates to an increase in provisions of £10,000
representing national insurance contributions on share option gains.

(3)  Earnings per share

Basic and diluted loss per share for the six months ended 30 June 2003 have been
calculated on the basis of the loss after taxation for the period of £725,000
and the average number of shares in issue during the period of 43,710,435.

The adjusted profit per share figure is calculated on the profit before
administrative items based on the same weighted average number of shares in
issue.

(4)  Reconciliation of operating loss to operating cash flows

                                              Six months        Six months                Year
                                           ended 30 June     ended 30 June            ended 31
                                                    2003              2002       December 2002
                                                    £000              £000                £000

Operating loss                                     (732)           (1,276)             (2,385)
Amortisation                                         988               988                1975
Depreciation                                          71                89                 185                          
Loss on sale of fixed assets                           -                 1                  24
Decrease in debtors                                   38               215                  89
Decrease in creditors                              (150)             (305)               (509)
Increase/ (decrease) in provision for
national insurance on share option
gains                                                 10               (8)                 264
Net cash outflow from operating
activities                                         (225)             (296)               (357)


(5)  Analysis of Net Funds

                                                      At                                    At
                                               1 January         Cash Flow             30 June 
                                                    2003                                  2003
                                                    £000              £000                £000

Cash in hand and at bank                             118                80                 198
Short term bank deposits                             549               173                 722
                                           
                                                     667               253                 920




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