Final Results

I2S PLC
14 August 2002



                                    I2S PLC

                          PRELIMINARY RESULTS FOR THE
                            YEAR ENDED 31 MARCH 2002


CHAIRMAN'S STATEMENT

The year to 31 March 2002 witnessed continued volatility in global markets,
uncertainty about when any recovery might begin and, of course, the events of 11
September.  As a result, we maintained our conservative approach to running
costs and the proportion of our assets held in cash, disposed of one investment
at a small overall profit and made only one new investment.

Whilst your Group's cash position is strong, your directors consider it prudent
to ensure that there is sufficient flexibility in its balance sheet to take
advantage of any suitable opportunity that might arise, including the chance to
buy back existing issued ordinary shares at a discount to net asset value.
Consequently, at an EGM on 7 June 2002, shareholders passed a resolution that an
application be made to the Court to sanction a reduction of the share premium
account.  This petition was approved by the Court on 26 June 2002.


Financial Results

Turnover for the Group for the twelve months to 31 March 2002 (derived from
monies on deposit) was £183,571 (31 March 2001 £249,732) resulting in a net loss
before tax of £972,368 (2001: £974,478 loss), attributable principally to
provisions against the value of  investments.

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

As at 31 March 2002, your Group's portfolio was split as to 14.8% in unquoted
investments and 85.2% in cash.

The Group's net asset value per share was 64.7p as at 31 March 2002.


New Investments

During the year your Group invested £500,000 in iX imaging Plc
(www.iximaging.com) for a 3.5% equity shareholding.  iX imaging has developed a
'camera on a chip' capable of digitising x-ray and gamma-ray information,
removing the need for film-based processes and enabling real time on-screen
analysis of images. Following a successful round of customer evaluations, iX is
engaged at varying levels with a number of existing and potential clients and
has been attempting to raise new working capital.  Your Directors believe that
whilst iX Imaging's operational progress to date has been encouraging, the
company's future prospects will be dependent on its ability to raise additional
funds.  Until such funding is secured and to reflect difficult market conditions
in the technology sector, we have written down the value of our holding by 50%
to £250,000.


Portfolio Investments

Sit-up Limited raised a £1.65m loan with warrants during the period from a group
of new and existing VC investors to meet working capital requirements.  The
company reported gross sales for May of £3.88m and its first channel, Bid-up.tv,
now has distribution on NTL Digital providing access to an extra 1.25 million
homes in addition to existing distribution via Sky Digital, Telewest and its web
site (www.bid-up.tv).  Its second channel, Screenshop, has traded encouragingly
since Sit-up acquired it from Telewest in May 2001.  Notwithstanding Sit-up's
excellent trading performance to date, we have adopted a conservative approach
to value by writing down our investment by 58% to £464,000.

Your Group disposed of its remaining holding in i-Onyx Ltd. during the year
through a combination of open market sales and by taking up the company's tender
offer.  In total your Group disposed of 3,050,000 shares during the period for a
total of £253,443 - representing a loss in the year of £76,649.  During the
year, we also disposed of a residual holding in Getmapping.com for £44,806 which
generated a loss of £5,193 in the year.

It is your Group's policy to value unquoted investments at the lower of cost or
Directors' valuation and quoted investments at mid-market price on the last
trading day of a relevant period.


Asset             Number of Shares     Price at 31.03.02       Value at 31.03.02 (£'000)


Cash                                                                              4,096
Sit-up                     248,869                 £1.89                            464
iX imaging               2,000,000                £0.125                            250

Total                                                                             4,810



Outlook

Your Directors believe that our conservative approach, strong cash balance and
newly re-structured balance sheet position us well to take advantage of any
suitable opportunities that may arise. In common with the market in general,
opportunities to exit investments have been limited and are likely to continue
to be for some time.  When such opportunities have presented themselves, as
happened with i-Onyx, we have taken them.  Your Directors are actively exploring
alternative ways in which to maximise shareholder value and will continue to do
so.


Neville Buch
Chairman
13 August 2002



CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2002

                                                                                         2002              2001
                                                                                            £                 £

Interest receivable and similar items                                                 183,571           249,732
Administrative expenses - Recurring                                                 (186,157)         (142,266)
                        - Exceptional                                               (887,940)       (1,106,350)

OPERATING LOSS                                                                      (890,526)         (998,884)


(Loss)/profit on disposal of investments                                             (81,842)            24,419

                                                                                    (972,368)         (974,465)

Interest payable and similar charges                                                        -              (13)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                         (972,368)         (974,478)


TAXATION                                                                                1,815           (5,000)


LOSS FOR THE FINANCIAL YEAR                                                         (970,553)         (979,478)


Loss per share - basic                                                                  13.1p             13.2p



All amounts relate to continuing operations.



CONSOLIDATED BALANCE SHEET
31 MARCH 2002



                                                                                         2002             2001
                                                                                            £                £
FIXED ASSETS
Tangible                                                                                1,321            1,891
Investments                                                                           714,000        1,482,031

                                                                                      715,321        1,483,922
CURRENT ASSETS
Debtors                                                                                 7,833           25,294
Cash at bank and in hand                                                            4,096,459        4,292,251

                                                                                    4,104,292        4,317,545

CREDITORS: amounts falling due within one year                                       (18,052)         (29,353)

NET CURRENT ASSETS                                                                  4,086,240        4,288,192

TOTAL ASSETS LESS CURRENT LIABILITIES                                               4,801,561        5,772,114

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                                                             (881,364)           10,681

SHAREHOLDERS' FUNDS                                                                 4,801,561        5,772,114



CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 31 MARCH 2002

                                                                                          2002              2001

Reconciliation of operating loss to net cash outflow from operating
activities
Operating loss                                                                       (890,526)         (998,884)
Interest receivable                                                                  (183,571)         (249,732)
Depreciation of tangible fixed assets                                                      570               342
Decrease/(increase) in debtors                                                           1,126          (18,968)
Decrease in creditors                                                                  (6,301)         (108,842)
Provision against value of fixed asset investment                                      887,940         1,083,192

Net cash outflow from operating activities                                           (190,762)         (292,892)

CASH FLOW STATEMENT
Net cash outflow from operating activities                                           (190,762)         (292,892)
Returns on investments and servicing of finance                                        199,906           249,719
Taxation                                                                               (3,185)                 -
Capital expenditure                                                                  (201,751)         (931,337)

Decrease in cash                                                                     (195,792)         (974,510)

Reconciliation of cash flow to movement in net funds
Decrease in cash in the year                                                         (195,792)         (974,510)
Net funds at 1 April 2001                                                            4,292,251         5,266,761

Net funds at 31 March 2002                                                           4,096,459         4,292,251



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 2001 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 August 2002 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.   On 7 June 2002 the Company held an extraordinary annual general meeting at 
     which it was agreed that the Company's share premium account of £3,827,925 
     be reduced to nil by the creation of a distributable reserve. The proposed 
     reduction in share premium was approved by the Court on 26 June 2002.

4.   The calculations of loss per share are based on the weighted average of the 
     issued ordinary shares in the period of 7,420,000 (2001 - 7,420,000) shares 
     and a loss for the financial year of £970,553 (2001: £979,478).

5.   The figures for the period ended 31 March 2002 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 2002 
     have not been delivered to the Registrar of Companies.


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