Interim Results - 6 Months to 30 September 1999

Corporate Executive Search Intl PLC
24 January 2000



CORPORATE EXECUTIVE SEARCH INTERNATIONAL
INTERIM STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999

CHAIRMAN'S STATEMENT

In  my first statement to you as Chairman I am pleased to
report on a number of positive developments. Firstly, the
progress  your Company has made in terms of  results  and
new  initiatives  within  the  existing  high  technology
search  operation  and  secondly the  exciting  strategic
direction  in  which the Company intends  to  move  as  a
result of the proposed purchase of DataCash Limited.

In  terms  of  results I am pleased to  report  that  the
Company  achieved a profit before tax, exceptional  items
and  interest  of  £103,000 for  the  six  months  to  30
September  1999 compared to £94,000 in the  corresponding
period  last year. This has been achieved on revenues  of
£1,253,000,  which were, as anticipated, lower  than  the
1998   revenues  of  £1,535,000.   Operating  costs  were
reduced  thereby improving the margin such  that  pre-tax
profits were recorded of £26,000 compared to a loss  last
year  of £57,000.  The performance of the Company in  the
final  quarter of 1999 has been affected by the costs  of
new initiatives and by a slowing towards the year-end  in
candidate appointments. However, the Board considers that
the  prospects for the future of the recruitment business
are good and I can report that the year has begun well.

Some  of  you may be aware that many changes  have  taken
place  at Board level during the period with Roger  Evans
resigning as Chief Executive on 31 August 1999  and  Alan
Bates  resigning as Chairman on 10 November 1999.  I  was
appointed  as Chairman on 11 November 1999  and  I  would
like to take this opportunity to thank my predecessor for
his efforts and wish him well for the future.

The  Company,  having retrenched in the  last  couple  of
years,  has  now begun to grow by two means. Firstly,  we
are actively recruiting quality, proven consultants and I
am  pleased  to  report  that  a  leading  team,  with  a
specialist knowledge of the internet start-up market, has
joined the Company from a major competitor.

Secondly,   we  have  been  exploring  opportunities   to
leverage our expertise in the recruitment of board  level
and senior executives in the European high technology and
dot.com  market  places. As a result we have  launched  a
senior  level contingency recruitment business  known  as
rocketscience  distinct from the  core  executive  search
business in the methods it uses to place candidates  into
vacant  positions.  We will also shortly  launch  Boldly-
Go.com which has been developed to take advantage of  the
Company's  increasing experience of executive and  senior
level  recruitment into start-up and dot.com  businesses.
It  is  our  objective to ensure Boldly-Go.com becomes  a
leading  supplier  of  executives into  dot.coms  through
access  to  the highest quality candidates and  strategic
partnerships  with incubators, business accelerators  and
internet  investment  funds,  amongst  others.  We   have
invested  in  people and technology in  creating  Boldly-
Go.com and we invite you to visit the web-site which will
be live shortly. We believe that operating in the dynamic
and  exciting  sectors  of internet  and  high-technology
through   the   existing  retained  search  business   of
Corporate  Executive Search as well as rocketscience  and
Boldly-Go.com, will enable the Group to generate improved
revenues in the future.

The  Board  has  also  been  examining  opportunities  to
utilise  the position of the Company as a quoted vehicle.
In  particular we have been excited by the  prospects  of
entering the 'enabling space' within the rapidly evolving
internet  and  e-commerce sector.  Enablers  provide  the
essential  services and technology that assist  companies
wishing  to develop internet activities to achieve  their
objectives.  We are already involved in this through  the
recruitment businesses, as management and business skills
are  even  more critical to companies as they  enter  new
areas, change their business models and experience  rapid
growth.   The  on-line  business  is  distinct  from  the
traditional business in that it experiences all of  these
changes  simultaneously, and management,  technology  and
capital  will  be  the  defining differentiators  between
success and failure in the web-world.

As  we  announced  on 14 December 1999, the  Company  has
entered  into  an agreement to purchase the entire  share
capital  of  DataCash Limited, a leading provider  of  e-
commerce  payments solutions. DataCash  is  at  the  very
forefront of e-commerce enabling and we believe  it  will
show  explosive growth over the next few years. DataCash,
established in September 1997, already has about  20%  of
the UK internet payments processing market, with a number
of   substantial  companies  as  clients.  It  has   also
established  close relationships with  most  of  the  key
organisations within the internet world. DataCash will be
the  first payments solutions provider listed in the  UK,
and  we  are  confident it will be able to  leverage  its
position significantly as part of the quoted Company.

This is a very significant deal for the Company and, as a
consequence,  we  asked  the Stock  Exchange  to  suspend
trading  in  the  Company's  shares  until  the  circular
setting  out  the  details of the  acquisition  had  been
posted  to shareholders.  We will keep this period  to  a
minimum, but we currently expect the quote to be restored
in mid-to-late February.

The  Board believes it will be useful to have co-terminus
accounting dates with DataCash, and we therefore  propose
to  shorten  the current accounting year to  the  end  of
December.  It  is  also our intention to  strengthen  the
Board  of  the Company with the appointment of additional
executive and non-executive directors in order to provide
further guidance and expertise to the business.

This  is  a momentous point in the Company's history.  We
would  like  to thank our shareholders who have  remained
with us through the difficult times and we believe we now
have  the strategy and the structure to provide you  with
the prospect of the rewards you expect. I will provide  a
further  update  of  the  Company's  position  with   the
proposed circular.

David Bailey
Chairman
24 January 2000


CORPORATE EXECUTIVE SEARCH INTERNATIONAL PLC
Consolidated Profit and Loss Account
For the six months ended 30 September 1999
(unaudited)


                                         Six         Six
                                        months     months
                                        ended       ended
                                          30         30
                                       September  September
                                          
                                         1999       1998
                                         £000       £000
                                                      
Turnover                                1,253       1,535
                                                      
Administrative Expenses - normal       (1,150)     (1,441)
                        - exceptional     (74)       (145)
                        - total        (1,224)     (1,586)

                                                      
Operating Profit/(Loss) - normal          103          94
                        - exceptional     (74)       (145)
                                                      
Operating Profit / (Loss)                  29         (51)
                                                      
Net Interest Payable and Similar           (3)         (6)
Charges
                                                      
Profit/(Loss) on Ordinary Activities       26        (57)
before Taxation
                                                      
Tax on Profit/(Loss) on Ordinary          (12)         -
Activities
                                                      
Profit/(Loss) on Ordinary Activities       14        (57)
after Taxation
                                                      
Dividends                                 -           -
                                                      
Retained Profit/(Loss) for the Period      14        (57)
                                                      
                                                      
Basic Earnings per Share                 0.01p     (0.04)p
                                                      
Diluted Earnings per Share              0.01p      (0.04)p
                                                      
Basic Earnings per Share Before         0.06p       0.06p
Exceptional Items


CORPORATE EXECUTIVE SEARCH INTERNATIONAL PLC
Consolidated Balance Sheet
As at 30 September 1999
(unaudited)

                                        As at       As at
                                          30         30
                                       September  September
                                                     
                                         1999       1998
                                         £000       £000
                                                      
Fixed Assets                                          
Tangible Assets                          174         326
                                                      
                                                      
Current Assets                                        
Debtors                                  732         910
Cash at bank and in hand                 635         340
                                                      
                                       1,367       1,250
                                                      
Creditors                                             
Amounts falling due within one year     (624)       (667)
                                                      
Net Current Assets                       743         583
                                                      
Total Assets Less Current Liabilities    917         909
                                                      
Creditors                                             
Amounts falling due after more than     (113)       (142)
one year
                                                      
Net Assets                               804         767
                                                      
Capital and Reserves                                  
Called up share capital                  156         156
Share premium account                    686         686
Share scheme reserve                     100         93
Merger reserve                          (124)       (124)
Profit and loss account                  (14)       (44)
                                                      
Equity Shareholders' Funds               804         767


CORPORATE EXECUTIVE SEARCH INTERNATIONAL PLC
Consolidated Cash Flow Statement
For the six months ended 30 September 1999
(unaudited)

                                         Six         Six
                                        months     months
                                        ended       ended
                                          30         30
                                       September  September
                                          
                                         1999       1998
                                         £000       £000
                                                      
Net Cash Inflow From Operating           127         283
Activities
                                                      
Returns on Investments and Servicing                  
of Finance
Interest received                          8           6
Overdraft interest and similar            -           -
charges
Interest element of finance lease        (11)        (12)
rental payments
                                                      
Net Cash Outflow From Returns on                      
Investments and Servicing of Finance      (3)         (6)
                                                      
                                                      
Taxation                                              
Corporation tax paid (including ACT)       -          (5)
                                                      
Tax Paid                                   -          (5)
                                                      
Capital Expenditure and Financial                     
Investment
Purchase of tangible fixed assets         (1)        (32)
Sale of tangible fixed assets              10         30
                                                      
Net Cash Inflow/(Outflow) From                        
Capital Expenditure and Financial           9         (2)
Investment
                                                      
Net Cash Inflow Before Financing          133        270
                                                      
Financing                                             
Capital element of finance lease          (29)       (27)
rental payments
                                                      
Net Cash Outflow From Financing           (29)       (27)
                                                      
Increase in Cash in the Period            104         243


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 (as
     amended).  The results for the year ended  31  March
     1999  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.

(2)  The  exceptional  items  in  1999  relate  to  the
     following:

     A  charge  of  £74,000  representing  notice  period
     payments  made  to Roger Evans, the  Group's  former
     Chief  Executive  who left the Group  on  17  August
     1999,  in  accordance  with  his  executive  service
     contract.

     The   exceptional  items  in  1998  relate  to   the
     following:

     A  charge  of  £131,000 representing  notice  period
     payments  made  to  Mark Shields, the  group's  Non-
     Executive  Director and a previous Chief  Executive,
     and   Mark   Brooke,   the   Group's   Director   of
     International  Business Development,  in  accordance
     with   their  executive  service  contracts.   These
     payments were a contractual liability of the Group.

     A   charge   of   £14,000  representing  termination
     payments  made to employees of the Group's  training
     and  development division that was terminated during
     the period.

(3)  Basic earnings per share for the six months ended 30
     September 1999 have been calculated on the basis  of
     the  profit after taxation for the period of £14,000
     and the average number of shares in issue during the
     period of
     156, 002,000.

(4)  Reconciliation  of  operating   profit/(loss)   to
     operating cash flows

                                         Six         Six
                                        months     months
                                        ended       ended
                                          30         30
                                       September  September
                                          
                                         1999       1998
                                         £000       £000
Operating profit/(loss)                   29        (51)
Depreciation                              69         72
Profit on sale of fixed assets            (1)       (11)
(Increase)/Decrease in debtors           (20)       462
Increase/(Decrease) in creditors          50       (201)
Share scheme charge                       -          12
                                                      
Net cash inflow from operating           127        283
activities

(5)  Year 2000

     The directors recognised the year 2000 problem as  a
     potentially serious business issue.  They considered
     the risks and implications not just across the Group
     but  also  as  a  result  of the  systems  of  major
     customers and suppliers not being Y2K compliant.  At
     the  beginning  of  the year, the  majority  of  the
     Group's  computer  systems and  associated  software
     were  already  Y2K compliant.  Where  problems  were
     identified, upgrading or replacement took place with
     a   significant  proportion  of  these  costs  being
     covered    by    existing   maintenance   contracts.
     Additional  costs not covered by existing  contracts
     did  not  exceed annual spending levels for  ongoing
     renewal and maintenance expenditure.

     Since  the  end  of  1999,  no  problems  have  been
     experienced  by  any  Group  company.   The   Board,
     however,  is  continuing to monitor the  issue  both
     internally and externally.

(6)  The   financial  statements  for  prior   accounting
     periods   include  a  tax  credit  for  tax   losses
     amounting to £310,000.  These losses are not  agreed
     at  30  September  1999, however the  directors  are
     confident  that  the credit will be  agreed  in  due
     course.

(7)  Copies of the Interim Reports for the six months  to
     30  September 1999 will be available free of  charge
     from  the  Company's registered office  at  7  Savoy
     Court, Strand, London, WC2R 0EZ for a period  of  14
     days from the date hereof.

For further information, please call:
Corporate Executive Search International plc
Julian Compton, Finance Director            0171 550 1000
Clerkenwell Communications
John Coyle                                  0171 713 0900
                                             0370 687 370
Chris  Skyrme                               0171 713 0900