Final Results

Jetcam International Holdings Ld
27 June 2003


                                                                 To be embargoed
                                              Not to be released until 7.00am on

                                                                 27th June, 2003


                     JETCAM International Holdings Limited
                          ('JETCAM' or 'the Company')

            Preliminary results for the year ended 31 December 2002


Chairman's Statement

I am pleased to report the results for the year ended 31 December 2002. The year
as a whole has seen a continuation of the difficult trading conditions referred
to in previous statements.


Turnover has reduced by some 20% from last year to £2,822,000 (2001:
£3,516,000). The reported loss before tax, and excluding the Camtek goodwill
write down described below, was £551,000 (2001: a loss of £58,000). This loss is
struck after goodwill amortisation of £171,000, compared to goodwill
amortisation of £283,000 in 2001, and an exceptional, but non-cash, gain of
£47,000 arising from shares issued to settle an acquisition consideration having
a lower value than previously provided for. Excluding goodwill amortisation and
write down and depreciation, the loss from operations was £380,000 (2001: a
profit of £225,000), however, this includes £247,000 of one off expenses, being
the write off of the £120,000 loan to Windora, and £127,000 of non-recurring
expenses.


A decision has also been made, consistent with common current practice, to
adjust goodwill being carried on the books to reflect generally reduced market
capitalisations. Accordingly, though Camtek continues to trade profitably and
with positive outlook, its goodwill is being written down by £1,878,000. Taking
this into account, the loss after taxation for the period was £2,404,000 (2001:
a loss of £312,000) and the loss per share was 10.10p (2001: (1.32p)).


The uncertain trading conditions previously reported persist. The Company saw an
improvement in sales in all its sectors in the last two months of the year, but
this has not been sustained with consistency in the first months of 2003. In
particular, the general decline in the UK manufacturing sector and especially
the metal engineering sector is continuing.


Despite this, your Company's cash position remains strong and the Directors
expect to see the position further reinforced as general trading conditions
become more stable. Debtors appear relatively high because of one particular
large outstanding account, which is now being collected.


Your Directors continue to do everything possible to contain operating costs.
The closure of the JETCAM UK subsidiary and Camtek's USA subsidiary have
provided the benefits of simplifying operations, while the third party
relationships that have replaced them have already provided, and are expected to
continue to provide, a net positive contribution to overall results.


PEPS Version 5 and JETCAM Expert Version 14 continue to attract positive
response and product development activities continue, as before, to add new
functionality and maintain product competitiveness. Product price erosion due to
competitive pressures appears, however, to have become a persistent feature of
the markets in which your Company operates, so that even with increasing numbers
of unit sales, revenues are declining.


As already reported, your Directors were disappointed that the unsecured loan
made to Windora at the beginning of the year has had to be written off. This was
an opportunity that showed much promise at the time but for a number of reasons
beyond our control ran into difficulties.


It has now become clear that your Company's original growth and acquisition
ambitions are no longer realisable. This is due to a drastically changed
business climate and one that has hit your Company's market sector particularly
hard. In response to this your Directors have reduced to a minimum the costs of
being listed on AIM and arranged for the Company's shares to be transacted on
ShareMark. Your directors also continue to consider the value to the Company and
shareholders of maintaining the current quotation for the Company's shares on
AIM.


George Kynoch, Chairman, and Ian Ilsley, Finance Director, left the Company at
the beginning of 2003. The Directors would like to thank them for their
contribution to the Company's activities over recent years. I am very pleased to
have been appointed non-executive Chairman and would welcome also Peter Grut to
the Board, who has taken over as Finance Director.


I would particularly like to thank our employees, managers and Directors who
have demonstrated enduring enthusiasm and dedication in a business climate that
has been more difficult than most of them can remember.

Given current trading conditions, your Board is not proposing the payment of a
dividend for the year.

J R A Townsend
Chairman
27 June 2003



Consolidated Profit and Loss Account
for the year ended 31 December 2002
                                                             2002         2001
                                                                £            £

Turnover                                                2,821,742    3,516,363

Cost of sales                                            (115,487)    (210,044)
                                                          ---------   ----------

Gross profit                                            2,706,255    3,306,319

Administrative expenses                                (3,085,986)  (3,081,135)
                                                          ---------   ----------
Operating (loss)/profit before goodwill                  
amortisation
and exceptional items                                    (379,731)     225,184

Amortisation of goodwill                                 (170,952)    (282,985)
                                                          ---------   ----------

Operating loss before exceptional impairment             (550,683)     (57,801)

Exceptional Impairment of goodwill                     (1,877,804)    (174,015)
                                                          ---------   ----------

Operating loss on ordinary activities before           
taxation                                               (2,428,487)    (231,816)

Tax on loss on ordinary activities                         24,656      (80,594)
                                                          ---------   ----------

Loss after taxation for the financial year             (2,403,831)    (312,410)

Dividends paid and proposed                                     -            -
                                                          ---------   ----------

Deficit for the financial year                         (2,403,831)    (312,410)
                                                          =========   ==========

Loss per ordinary share                                    (10.10p)      (1.32p)
                                                          =========   ==========





Statement of Total Recognised Gains and Losses

Year ended 31 December 2002
                                                            2002          2001
                                                               £             £

Loss for the financial year                           (2,403,831)     (312,410)
Foreign exchange translation differences                 (21,412)       56,976
                                                         ---------      --------

Total Recognised Gains and Losses in the Year         (2,425,243)     (255,434)
                                                         =========      ========








Consolidated Balance Sheet

as at 31 December 2002
                                                             2002         2001
Fixed assets                                                    £            £
Intangible assets                                       1,000,000    3,048,756
Tangible assets                                           383,807      441,059
Investments                                                   827          827
                                                          ---------    ---------

                                                        1,384,634    3,490,642
Current assets
Stocks                                                     14,088       14,991
Debtors                                                   882,380    1,009,032
Cash at bank and in hand                                  342,383      507,287
                                                          ---------    ---------

                                                        1,238,851    1,531,310
Creditors: amounts falling due within one year           (372,129)    (323,945)
                                                          ---------    ---------

Net current assets                                        866,722    1,207,365
Total assets less current liabilities                   2,251,356    4,698,007
Creditors: amounts falling due after more than one
year
Provisions for liabilities and charges                          -      (24,073)
                                                          ---------    ---------

Net assets                                              2,251,356    4,673,934
                                                          =========    =========

Capital and reserves
Called up share capital                                   149,323      149,091
Share premium account                                   4,279,478    4,277,045
Profit and loss account                                (2,177,445)     247,798
                                                          ---------    ---------

Equity shareholders' funds                              2,251,356    4,673,934
                                                          =========    =========



Cash Flow Statement

for the year ended 31 December 2002
                                                            2002          2001
                                                               £             £
Net cash (outflow)/inflow from operating activities      (91,080)      437,183

Taxation                                                 (17,895)     (111,088)

Capital expenditure and financial investment
Payments to acquire tangible fixed assets                (60,416)      (41,765)
Receipts from sale of tangible fixed assets                4,487         1,100
                                                         ---------     ---------

(Decrease)/Increase in cash in the year                 (164,904)      285,430
                                                         =========     =========





1.                  Dividends

The Directors are not recommending the payment of a final dividend for the year
ended 31 December 2002 (2000: Nil).


2.                  Loss per share

The calculation of loss per share is based on the loss after tax divided by the
weighted average number of shares in issue during the financial period.


3.                  Report and Accounts

The financial information for the year ended 31 December 2001 is extracted from
the group's financial statements to that date which received an unqualified
auditor's report and have been filed with the Registrar of Companies in Bermuda.


The financial information for the year ended 31 December 2002 is extracted from
the group's financial statements to that date which will receive an unqualified
auditor's report and be filed with the Registrar of Companies in Bermuda in due
course.


4. Copies of the Report and Accounts will be posted to shareholders shortly and
will be available from John East & Partners Limited, Crystal Gate, 28-30 Worship
Street, London EC2A 2AH.








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