Interim Results

Holders Technology PLC
18 July 2002


                         HOLDERS TECHNOLOGY GROUP PLC
            INTERIM RESULTS FOR THE SIX MONTH PERIOD TO 31 MAY 2002


CHAIRMAN'S STATEMENT

Results

The 6 month period to 31 May 2002 resulted in a turnover of £4,901,000 as
compared with £6,627,000 for the first half of last year.  Pre-tax profits fell
to £41,000 from £230,000 and earnings per share fell to 0.84p as against 4.11p.
Net assets at 31 May 2002 were £4.3m compared with £4.2m at 31 May 2001.


Dividend

A net interim dividend of 2.00p per share (2001: 2.00p) will be payable on 13
September 2002 to shareholders on the Register of Members at the close of
business on 16 August 2002.


Activities

The outcome for the first half of the current year was broadly in line with our
expectations as regards turnover and gross margins but inevitably it is in
marked contrast to the first six months of last year which contained a very
strong first quarter.  This year has also seen a number of bad debts amounting
to £36,000; a factor which did not significantly impact the first half of last
year.

The markets which we serve, remain very subdued due not only to general economic
conditions but also to the particular problems being experienced world wide in
the telecommunications industry.  Industries such as avionics and defence are
seeing maintained business levels but this results in demand for specialist
niche products where inevitably volumes are smaller and supply sometimes less
certain.  The automotive industry continues to generate demand but this is
predominantly for less sophisticated, lower margin products.

In response to these lower levels of business we have reduced costs in all of
our subsidiaries and the benefit of this will be felt in the second half of the
current year.  Coupled with this we continue to take measures further to reduce
our stock levels to a more appropriate level thus strengthening our cash
position.  The net cash flow from operating activities was £532,000 and the
group closed the half year with net funds of £354,000.  We remain therefore in a
strong position from which to make further investments in the business, whether
by acquisition or otherwise.

I commented in the chairman's statement contained in the Report and Accounts for
last year on our wish to extend our geographical coverage to include the Far
East; this remains our intention and routes to achieving this remain under
review.

Justfone continues to be loss making but there are indications that it will
benefit from higher business levels in the second half of the year.

Given the current market difficulties to which I have referred it is difficult
to predict what the result for the full year will be.  As I have said, we will
see the benefit of the various cost cutting measures we have made but these are
unlikely of themselves to ensure a return to the profit levels which we have
previously achieved until such time as some recovery in demand is underway.

The interim financial statements were approved by the Board on 18 July 2002 and
signed on its behalf by:


Rudolf W. Weinreich                                 Holders Technology plc
Chairman and Chief Executive                        Northway House
                                                    1379 High Road      
                                                    Whetstone
                                                    London  N20 9LP

18 July 2002

GROUP PROFIT AND LOSS ACCOUNT
for the half-year ended 31 May 2002

                                                             Unaudited         Unaudited            Audited
                                                             half-year         half-year          full-year
                                                                 ended             ended           ended 30
                                                           31 May 2002       31 May 2001      November 2001
                                                                 £'000             £'000              £'000

Turnover                                                         4,901             6,627             11,780
Operating profit                                                    48               281                366
Net interest payable and similar charges                           (7)              (51)               (48)
Profit before taxation                                              41               230                318
Taxation                                                          (18)              (78)               (95)
Profit after taxation                                               23               152                223
Minority interests - equity                                         11                14                 28
                                                                    34               166                251
Dividends                                                         (81)              (81)              (182)
Profits retained                                                  (47)                85                 69

Earnings per share                                               0.84p             4.11p              6.22p
Diluted earnings per share                                       0.84p             4.11p              6.22p



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


Profit for the financial year                                      34               166                251
Currency translation differences                                   68              (94)               (34)
                                                                  102                72                217


GROUP BALANCE SHEET
at 31 May 2002

                                                             Unaudited         Unaudited            Audited
                                                             half-year         half-year          full-year
                                                                 ended             ended           ended 30
                                                           31 May 2002       31 May 2001      November 2001
                                                                 £'000             £'000              £'000

Fixed Assets

Tangible assets                                                  1,012             1,200              1,103

Current assets

Stocks                                                           1,942             3,248              2,367
Debtors                                                          2,105             2,466              2,280
Cash at bank and in hand                                           479               115                294
                                                                 4,526             5,829              4,941
Creditors

Amounts falling due within one year                            (1,071)           (2,592)            (1,578)

Net current assets                                               3,455             3,237              3,363


Total assets less current liabilities                            4,467             4,437              4,466


Creditors: amounts falling due after one                          (93)              (95)              (107)
year

Provision for liabilities and charges
Deferred taxation                                                 (85)              (93)               (80)
                                                                 4,289             4,249              4,279
Capital and Reserves

Called up share capital                                            403               403                403
Share premium account                                            1,486             1,486              1,486
Capital redemption reserve                                           1                 1                  1
Profit and loss account                                          2,451             2,386              2,430
Equity shareholder's funds                                       4,341             4,276              4,320


Minority interests - equity                                       (52)              (27)               (41)

                                                                 4,289             4,249              4,279



GROUP CASHFLOW

for the half-year ended 31 May 2002
                                                         Unaudited          Unaudited             Audited
                                                         half-year          half-year           full-year
                                                             ended              ended            ended 30
                                                       31 May 2002        31 May 2001       November 2001
                                                             £'000              £'000               £'000

Net cash flow from operating activities                        532              (493)                 585

Returns on investment and servicing of finance
Interest received                                                4                  4                   4
Interest paid                                                  (7)               (29)                (42)
Finance lease interest                                         (4)                (5)                (10)

Net cash flow from returns on investment and                   (7)               (30)                (48)
servicing on finance

Taxation                                                      (38)               (40)               (239)


Capital expenditure

Payments to acquire tangible fixed                             (1)               (35)                (31)
assets
Receipts from sales of tangible fixed assets                    17                  -                  29
                                                                16               (35)                 (2)
Equity dividends paid                                        (101)              (222)               (303)
Cashflow before financing                                      402              (820)                 (7)

Financing

Capital element of finance leases                             (19)               (22)                (35)
Increase/(decrease) in cash                                    383              (842)                (42)



Notes:


1.   The interim results are prepared on the basis of accounting policies set 
     out in the financial statements for the year ended 30 November 2001.  FRS 
     19 'Deferred Tax' has been adopted.  The group followed a policy of full      
     provision for all accelerated capital allowances and short term timing
     differences and consequently this new standard has had no impact on the 
     reported result of this period or prior periods.

2.   The tax charge for the six months ended 31 May 2002 is calculated based on 
     the tax rates applicable in the country in which each company operates.  
     The effective rate of tax is 43.9% (2001: 34.0%).  The tax charge includes 
     £30,000 (2001: £67,000) relating to overseas operations.

3.   The dividend payment of 2p per share is payable on the total issued share 
     capital of 4,034,498 10p ordinary shares.

4.   The earnings per ordinary share (basic and diluted) for the six months 
     ended 31 May 2002 have been calculated using Financial Reporting Standard 
     14.  The calculation of earnings per share, for the six months, is based on 
     profit attributable to equity shareholders of £34,000 (2001 £166,000) and 
     4,034,498 shares being the daily average of the number of shares in issue 
     during the periods.  The diluted earnings per share is based on the same 
     numbers.

5.   The results for the half year to 31 May 2002 are unaudited.  The results 
     for the year ended 30 November 2001 are taken from the full accounts filed 
     with the Registrar of Companies, which contained an unqualified audit 
     report and did not contain statements under s237 (2) or (3).

6.   A copy of this interim report is being sent to shareholders and is 
     available for inspection at the Company's registered office, Northway 
     House, 1379 High Road, Whetstone, London N20 9LP.


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