Final Results

I2S PLC
20 June 2001


                                   I2S PLC



                         PRELIMINARY RESULTS FOR THE

                           YEAR ENDED 31 MARCH 2001



CHAIRMAN'S STATEMENT

Introduction

The year to 31 March 2001 saw continued stock market volatility and
significant declines from the highs of March 2000 across all technology
sectors. Since the announcement of our Interim Results in November 2000, fears
of a worldwide economic slowdown continued to exert downward pressure on
values, particularly in the technology and internet sectors.

Throughout the year we maintained a conservative approach in respect of the
percentage of our assets held in cash. Remaining highly liquid has enabled us
to perform well relative to the sectors in which we operate and other
technology orientated funds.

We have taken a prudent approach in the valuation of our unquoted investments.
As a result, and notwithstanding current progress in a further fundraising, we
have written off our entire investment in Eighteen Global Inc. Our investment
in Sit-up Limited is held at cost. The performance of our quoted investments
was mixed, with i-Onyx Limited more than maintaining its value and
Getmapping.com suffering a significant price setback.



Financial Results

Turnover for the Group for the twelve months to 31 March 2001 (derived from
monies on deposit) was £249,732 (31 March 2000 £73,572).

This has resulted in a net loss before tax for the Group of £974,478 (2000: -
£1,987).

Your directors are not recommending the payment of a dividend for the year.

As at 31 March 2001, your Group's portfolio was split into 7% quoted
investments at market value, 19% in unquoted investments and 74% in cash.

The Group's net asset value per share was 77.8p as at 31 March 2001 - a fall
of 13.4% from 31 March 2000, compared with a reduction of 55.5% for the
Techmark 100 index and 59.8% for the NASDAQ composite over the same period.


Investments

In the first half of the year, we made three investments - £322,000 in i-Onyx
Limited, a further £200,000 adding to our earlier investment of £900,000 in
Sit-up Limited and £500,000 in Getmapping.com. During the second half of the
year we made no new investments.

Shares in i-Onyx Limited have traded in a wide range since your Group invested
at HK $1 per share in May 2000. I2S was subject to a six month lock-in
arrangement which expired in November 2000. To date your Group has disposed of
i-Onyx shares totalling £94,000 net of costs, representing a profit of £24,000.

Sit-up Limited received third round funding of £14.8m in cash in March 2001
from Telewest Communications. At the same time, Sit-up acquired a home
shopping channel, Screenshop, for £10m from Telewest's content arm, Flextech.
This latest funding is considered sufficient to take Sit-up through to
profitability later this year and the strategic benefits afforded by the
Telewest deal, combined with the excellent progress in Sit-up's trading to
date, give us confidence for the future.

Getmapping.com's share price has fallen significantly since the company came
to AIM in March 2000 as a result of poor stock market conditions and the
company's failure to meet financial expectations at their interim results in
October 2000. A more focused management approach is now evident which should
benefit the share price in due course.

As mentioned earlier, our original £633,000 investment in Eighteen Global Inc.
has been written down to zero.

It is your Group's policy to value unquoted investments at cost (provided
there has been no permanent diminution in value) and quoted investments at
mid-market price on the last trading day of a relevant period.


Asset           Number of Shares    Price at 31.03.01  Value at 31.03.01 (£'000)


Cash                                                                      4,301
i-Onyx                 3,050,000           HK $1.20                         330
Getmapping.com           250,000              £0.20                          50
Sit-up                   248,869              £4.43                       1,102

Total                                                                     5,783


Outlook

Your Directors' decision to maintain a high proportion of the Group's assets
in cash has successfully reduced our exposure to the severe market volatility
of the last twelve months. With the first signs of values recovering in the
quoted technology sectors, your Directors believe that a further portion of
the Group's liquid assets should now begin to be invested in unquoted
companies with strong propositions and effective management teams. The
increase in the number, quality and range of investment opportunities we are
reviewing is most encouraging and we believe your Group is well positioned for
the year ahead.

Your Directors may use some of the Group's liquid resources to buy back shares
in the event that the Group continues to trade at a significant discount to
net asset value. This would have the effect of improving the net asset value
per share of the remaining shares in issue.


Neville Buch

Chairman

19 June 2001



CONSOLIDATED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 MARCH 2001


                                                              2001         2000
                                                                 £            £

Interest receivable and similar items                      249,732       73,572
Administrative expenses - Recurring                      (142,266)     (75,559)
                        - Exceptional                  (1,106,350)            -

OPERATING LOSS                                           (998,884)      (1,987)

Profit on disposal of investments                           24,419            -

                                                         (974,465)      (1,987)

Interest payable and similar items                            (13)            -

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION              (974,478)      (1,987)

TAXATION                                                   (5,000)            -

LOSS FOR THE FINANCIAL YEAR                              (979,478)      (1,987)

Loss per share - basic                                     (13.2p)      (0.87p)


All amounts relate to continuing operations.



BALANCE SHEET

31 MARCH 2001


                                                                    Group

                                                                2001       2000
                                                                   £          £
FIXED ASSETS
Tangible                                                       1,891          -
Investments                                                1,482,031  1,533,192

                                                           1,483,922  1,533,192
CURRENT ASSETS
Debtors                                                       25,294      6,326
Cash at bank and in hand                                   4,292,251  5,276,448

                                                           4,317,545  5,282,774

CREDITORS: amounts falling due within one year              (29,353)  (142,882)

NET CURRENT ASSETS                                         4,288,192  5,139,892

TOTAL ASSETS LESS CURRENT LIABILITIES                      5,772,114  6,673,084

CAPITAL AND RESERVES
Called up share capital                                    1,855,000  1,855,000
Share premium account                                      3,827,925  3,827,925
Revaluation reserve                                           78,508          -
Profit and loss account                                       10,681    990,159

SHAREHOLDERS' FUNDS                                        5,772,114  6,673,084



CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 31 MARCH 2001


                                                                 2001      2000

Reconciliation of operating loss to net cash (outflow)/inflow
from operating activities
Operating loss                                               (998,884)   (1,987)
Depreciation of tangible fixed assets                             342         -
(Increase)/decrease in debtors                                (18,968)  843,674
(Decrease)/increase in creditors                             (108,842)   24,941 
                                                                      
Provision against value of fixed asset investment           1,083,192         -
Interest receivable                                          (249,732)  (73,572)

Net cash (outflow)/inflow from operating activities          (292,892)  793,056

CASH FLOW STATEMENT
Net cash (outflow)/inflow from operating activities          (292,892)  793,056
Returns on investments and servicing of finance               249,719    73,572
Capital expenditure                                         (931,337)(1,533,192)

                                                             (974,510) (666,564)

Financing                                                           - 5,083,325

(Decrease)/increase in cash                                  (974,510) 4,416,761

Reconciliation of cash flow to movement in cash
(Decrease)/increase in cash in the period                    (974,510) 4,416,761
Cash at 1 April 2000                                        5,266,761    850,000

Cash at 31 March 2001                                       4,292,251  5,266,761



Notes

1.     Financial information set out above does not constitute full accounts    
       within the meaning of Section 254 of the Companies Act 1985.  The        
       statutory accounts for the period ended 31 March 2000 have been delivered
       to the Registrar of Companies and have received an audit report which was
       unqualified and did not contain statements under s237(2) or (3) of the   
       Companies Act 1985.



2.     The Report and Accounts will be posted to all shareholders on the
       register by the end of June 2001 and copies will be available from that  
       date at the company's registered office:


       7th Floor
       39 St James's Street
       LONDON
       SW1A 1JD


3.     The calculations of loss per share are based on the weighted average of  
       the issued ordinary shares in the period of 7,420,000 (2000 - 2,282,850) 
       shares:

                                               Period ended        Period ended
                                              31 March 2001       31 March 2000
                                                          £                   £

Loss for the financial year                         979,478               1,987


4.     The figures for the period ended 31 March 2001 have been extracted from  
       the full accounts for the period on which the auditors have given an     
       unqualified report.  The full accounts for the year ended 31 March 2001  
       have not been delivered to the Registrar of Companies