Interim Results

World Sport Group PLC
23 December 2002

Date:                  23 December 2002

On behalf of:          World Sport Group plc ('World Sport Group' or 'the
                       Company')

Embargoed until:       0700hrs



Interim Results for the period ended 30 June 2002

Chairman's Statement

The Company today announces its un-audited results for the 6 month period ended
30 June 2002. The deteriorating economic background has continued to impact the
advertising and sponsorship industries and, in addition, the Group typically
loses money in the first half of each calendar year.

The Group is reporting a loss before tax of £6.03 million for the period,
excluding impairment and amortization of goodwill and exceptional administration
expenses. Including these the Group reports a total pre-tax loss of £7.94
million. The adjusted earnings per share for the period was a loss of 11.15p,
against an earnings figure of 3.84p in the 6 months ended 30 December 2001. The
net cash outflow during the period was £1.878 million.

In light of difficult market conditions, which show no immediate signs of
alleviating, the Independent Directors and the Proposed Director have decided
that the Group's future strategy should be focused on executive sports sales and
marketing, and especially on professional golf. This is because executive sports
and professional golf in particular have become a profitable niche area for the
Group.

Accordingly, the Company intends to dispose of those Group companies that are
primarily involved with football and cricket and which, in the view of the
Independent Directors and the Proposed Director will continue to require long
term investment, to Park House Holdings Limited. After the Disposal the Group
will be restructured to focus on its strengths and existing rights ownership in
professional golf.

David Ciclitira

Executive Chairman

Turnover & Revenues

Turnover for the 6 months ended 30 June 2002 was £12.85 million. This is
significantly below budgeted expectations in all business areas with the
exception of the golf business which has continued to be profitable, and is
attributable to the poor market conditions that have persisted.

Operating Profit/Loss

The Group generated a gross profit during the period of £3.21 million. Operating
expenses, remaining predominantly salaries and other personnel costs, office
costs and travel, were £8.71 million, with goodwill adjustments and exceptional
administrative expenses totalling £1.91 million. This results in an operating
loss (before goodwill and exceptional items) of £5.50 million.

Exceptional Administrative Expenses and Exceptional Items

Exceptional administrative expenses of £1.06 million are primarily made up of
redundancy costs of £1.03 million. This includes provision for two former
executive directors, and for business restructuring throughout Europe and Asia.

Share of Operating Loss in Associates

The Group has reduced its share of losses in its associated entities from £0.97
million in 2001, to £0.04 million (net) during the period. This reduction takes
place against a background of continued development in these entities.

Acquisitions and Disposals

During the period the Company made no acquisitions. It continued to withdraw
from its less profitable businesses by disposing of the Group's 49 per cent.
equity stake in Australia based Sports Marketing & Management Pty Ltd for a
consideration of £0.25 million. Sports Marketing & Management Pty Ltd includes
the subsidiary Javelin Pty Ltd, and Sports Marketing and Management (UK)
Limited.

Interest and Taxation

The Group paid interest of £0.49 million arising from its banking overdraft
facilities.

(Loss)/earnings Per Share

Adjusted earnings per share showed a decrease, from 3.84p (6 months ended 30
December 2001) to a loss of 11.15p (period ended 30 June 2002). The unadjusted
loss per share was 14.48p for the period ended 30 June 2002. It should be noted
that this is not an accurate reflection of a full years trading cycle due to the
seasonal nature of the Group's income. The Group has made no dividend
recommendations and does not anticipate doing so in the foreseeable future.



Consolidated profit and loss account for the 6 months ended 30 June 2002
                                                                         6 months ended        6 months ended
                                                                           30 June 2002      30 December 2001
                                                                                  £'000                 £'000
Turnover                                                                         12,846                18,464
Cost of sales                                                                   (9,633)               (7,213)

Gross profit                                                                      3,213                11,251
Administrative expenses                                                        (10,623)              (86,968)
Other operating income                                                                -                    15

Operating profit/(loss) before goodwill                                         (5,503)                 2,156
Impairment of goodwill                                                            (577)              (74,065)
Goodwill amortisation                                                             (275)               (1,607)
Administrative expenses -exceptional                                            (1,055)               (2,186)

Operating loss                                                                  (7,410)              (75,702)
Share of operating loss in associates                                              (41)                 (969)
Exceptional items - cost of fundamental restructuring                                 -                 (362)

(Loss)/profit on ordinary activities before interest                            (7,451)              (77,033)
and tax
Interest receivable                                                                   -                   181
Interest payable                                                                  (488)                 (375)

(Loss)/profit on ordinary activities before tax                                 (7,939)              (77,227)
Tax on (loss)/profit on ordinary activities                                         (1)                  (16)

(Loss)/profit on ordinary                                                       (7,940)              (77,243)
activities after tax
Minority interests                                                                (353)                    70

(Loss)/profit for the financial period                                          (8,293)              (77,173)

(Loss)/earnings per share
- basic and diluted                                                            (14.48p)             (169.11p)
- adjusted                                                                     (11.15p)                 3.84p




All amounts in the six months ended 30 June 2002 relate to continuing activities
as defined by FRS 3. The figures for the six months ended 30 December 2001
include discontinued activities, details of which are given in note 3 in the
full set of interim results contained in the document sent to shareholders
today.





Consolidated balance sheet at 30 June 2002
                                                                                30June 2002   30 December 2002
                                                                                      £'000              £'000
Fixed assets
Intangible assets                                                                    10,732             11,007
Tangible assets                                                                         938              1,100
Investments                                                                           1,372              1,756
                                                                                     13,042             13,863
Current assets
Debtors - due within one year                                                        15,205             16,512
due after one year                                                                      510              1,169
                                                                                     15,715             17,681
Cash                                                                                    213              2,305
                                                                                     15,928             19,986
Creditors: amounts falling due within one year                                     (24,333)           (19,656)
Net current (liabilities)/assets                                                    (8,405)                330
Total assets less current liabilities                                                 4,637             14,193
Creditors: amounts falling due after one year                                          (20)               (26)
Provisions for liabilities and charges                                              (2,881)            (5,301)
Net assets                                                                            1,736              8,866

Capital and reserves
Called up share capital                                                              11,453             11,453
Share premium account                                                                24,277             24,277
Other reserves                                                                        5,591              5,591
Profit and loss account                                                            (39,819)           (32,352)
Shareholders' funds - equity                                                          1,502              8,969
Minority interest - equity                                                              234              (103)
                                                                                      1,736              8,866







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