Interim Results

Cater Barnard PLC
24 May 2001


                              CATER BARNARD PLC

                               Interim Results

                    For the six months ended 31 March 2001


Cater Barnard plc, the former Internet incubator fund that has transformed
itself into a financial services group, is pleased to announce its Interim
Results for the six months ended 31 March 2001.


*                Pre-tax profits recover to £1.5m for 6 months (2000: loss of
                 £2.4m for 12 months)

*                Disposal of Findstar to Envesta Plc

*                Acquisition of Corporate Decisions Ltd Business

*                New office opened in the City of London


Stephen Dean, Chairman of Cater Barnard, commented:


'Notwithstanding the volatility in stock market conditions both here and in
the US, the Company's Board believes that substantial opportunities exist for
Cater Barnard to both capitalise on its former investments and divestments and
become a fee-income-based and growth-oriented financial services and
investment banking group.'



FOR FURTHER INFORMATION, PLEASE CONTACT

Stephen Dean (Chairman)             0870 0660830
Peter Holmes (Finance Director)     0870 0660830

Seymour Pierce Ltd
Sarah Wharry                        020 7648 8700

                              CATER BARNARD PLC

                         FUTURE PROSPECTS AND RESULTS

I am pleased to report the progress that your Company has made with its
transformation from an incubator fund to a financial services company, as
envisaged in the Annual Report and Accounts 2000.

Cater Barnard plc has opened its City of London office and, combined with its
New York office, forms the basis of an operating business of investment
banking, mergers & acquisition advice and venture capital.

The Company has today announced that it will be increasing its equity stake in
Voyager Financial News.com (VFN) from 45% to 78%. Subject to regulatory and
other necessary approvals, this will be achieved in the following simultaneous
stages:

  * VFN will acquire from Cater Barnard specific US investments for £180,000
    cash and the balance in shares in VFN.

  * Other nominated holdings in VFN will be exchanged for shares in Cater
    Barnard at the value of 4p per Cater Barnard share.

On the assumption that these matters are concluded, Cater Barnard will then
own 80% of the VFN equity, upon which the new subsidiary will then change its
name to Cater Barnard USA plc.

We further announced the conditional disposal of Findstar to Envesta plc.
This divestment effectively provides Findstar with an AIM-listing.

Cater Barnard (UK) Limited, the 'London Office', has also begun integrating
the undertaking and work in progress of Corporate Decisions Limited, acquired
last month. Corporate Decisions provides a mergers and acquisitions service
and venture capital to privately owned companies and is headed by Mr. Lyndon
Chapman.

Notwithstanding the stock market conditions both here and the US, your Board
believes substantial opportunities exist for Cater Barnard to both capitalise
on its former investments/divestments and become a fee-income-based and
growth-oriented financial services and investment banking group.

STEPHEN DEAN
CHAIRMAN

The Interim Results for Cater Barnard now follow

  CATER BARNARD PLC
  CONSOLIDATED BALANCE SHEET

                                                              At            At
                                                       31-Mar-01     30-Sep-00
                                                     (Unaudited)     (Audited)
                                                               £             £

  Fixed assets    
  
  Tangible assets                                          1,438         2,150
  Investments                                         19,302,152    17,069,141

                                                      19,303,590    17,071,291

  Current assets                                                              

  Debtors                                                314,790        81,747
  Cash at bank and in hand                               133,667        63,339

                                                         448,457       145,086

  Creditors: amounts falling due within one year     (2,508,085)   (1,213,058)

  Net current assets (liabilities)                   (2,059,628)   (1,067,972)

  Totals assets less current liablities               17,243,962    16,003,319

  Creditors: amounts falling due after more than     (4,000,000)   (1,470,193)
  one year                                                                    

  Net assets                                          13,243,962    14,533,126

  Capital and reserves                                                        

  Called-up share capital                              1,364,328     1,184,328
  Share premium account                               12,473,123    11,896,417
  Revaluation reserve                                    339,371     3,868,690
  Profit and Loss account                              (932,860)   (2,416,309)

  Equity shareholders' funds                          13,243,962    14,533,126

  Net assets per ordinary share                           9.54 p       12.27 p
                                                                              
 
  CATER BARNARD PLC                                                           
  CONSOLIDATED PROFIT AND LOSS ACCOUNT                Six months        Period
                                                           ended         ended
                                                       31-Mar-01     30-Sep-00
                                                     (Unaudited)     (Audited)
                                                               £             £

  Turnover                                               522,006             -

  Other operating income                                       -       437,663

  Administrative expenses                              (226,412)     (114,481)

  Operating profit                                       295,594       323,182

  Provision on fixed asset investments unsold at       (593,281)   (2,404,901)
  period end                                                                  

  Profit (Loss) on disposal of fixed asset             1,882,299     (313,838)
  investments                                                                 

  Interest receivable and similar income                   7,040        47,798

  Interest payable and similar charges                 (108,203)      (68,550)

  Income (Loss) on ordinary activities before          1,483,449   (2,416,309)
  taxation                                                                    

  Tax on income (loss) on ordinary activities                  -             -

  Income (Loss) on ordinary activities after           1,483,449   (2,416,309)
  taxation                                                                    

  Dividends                                                    -             -

  Retained income (loss) for the financial period      1,483,449   (2,416,309)

  Retained income (loss) at the start of the         (2,416,309)             -
  financial period                                                            

  Retained income (loss) at the end of the             (932,860)   (2,416,309)
  financial period                                                            

  Earnings per ordinary share                             1.23 p      (3.35) p

  Diluted earnings per ordinary share                     1.16 p      (3.35) p
                                                                              
  CATER BARNARD PLC                                                           
  CASHFLOW STATEMENT FOR THE PERIOD                  Six months         Period
                                                          ended          ended
                                                      31-Mar-01      30-Sep-00
                                                    (Unaudited)      (Audited)
                                                              £              £

                                     notes                                    

  Net cashflow from operating        A              (2,752,466)        655,210
  activities                                                                  

  Returns on investment and                           (101,163)       (20,752)
  servicing of finance                                                        

  Interest received                                       7,040         47,798
  Interest paid                                       (108,203)       (68,550)

  Capital Expenditure and                             (362,556)   (13,879,551)
  Financial Investment                                                        

  Payments to acquire tangible                                -        (2,867)
  fixed assets                                                                
  Receipts from sales of fixed                              562              -
  assets                                                                      
  Payments to acquire investments    D              (3,129,092)   (23,142,884)
  Receipts from sales of             D                2,765,974      9,266,200
  investments                                                                 

  Net cashflow before Financing                     (3,216,185)   (13,245,093)

  Net cashflow from Financing                         3,286,512     13,308,432

  Issue of ordinary share capital    D                  756,705     12,442,138
  Debt finance raised                                 2,529,807      1,470,193
  Expense on Issuing equity shares                            -      (603,899)

  Change in cash during the period                       70,327         63,339
  Cash on hand at the start of the                       63,339              -
  period                                                                      

  Cash on hand at the end of the     B, C               133,667         63,339
  period  

                                                                    
  CATER BARNARD PLC                                  Six months         Period
  NOTES TO THE CASHFLOW STATEMENT                         ended          ended
                                                      31-Mar-01      30-Sep-00
                                                    (Unaudited)      (Audited)
                                                              £              £

A RECONCILIATION OF OPERATING                                                 
  PROFIT TO                                                                   
  NET CASHFLOW FROM OPERATING                                                 
  ACTIVITIES                                                                  

  Operating profit before taxation                    1,584,612        323,182
  and nett finance costs                                                      
  Non-cashflow items in the Income                  (4,337,078)        332,028
  Statement                                                                   

  Plus: Depreciation                                        150            717  
  Less: Non-Cash proceeds upon the                  (7,000,000)              -
  sale of investments                                                         
  Plus: Cash cost of investments                      4,190,842              -
  sold                                                                        
  (Decrease) Increase in Creditors                  (1,295,027)        413,058
  Decrease (Increase) in Debtors                      (233,043)       (81,747)

                                                    (2,752,466)        655,210

B RECONCILIATION OF NET CASH FLOW                                             
  TO MOVEMENT IN NET FUNDS                                                    

  Increase in cash in the period                         70,327         63,339
  Increase in debt in the period                    (2,529,807)    (1,470,193)

  Movement in net funds in the                      (2,459,480)    (1,406,854)
  period                                                                      

  Opening net funds                                 (1,406,854)              -

  Closing net debt                                  (3,866,334)    (1,406,854)
 

C ANALYSIS OF CHANGES IN NET FUNDS                                            

  Cash at bank and in hand                              133,667         63,339
  Amounts falling due after more                    (4,000,000)    (1,470,193)
  than one year                                                               

                                                    (3,866,333)    (1,406,854)

D  NON CASH TRANSACTIONS                                                       
                                                                                

  Interim period                                                              

  During the interim period, 1,500,000 ordinary shares were issued as         
  part-payment for an investment.                                             
  This investment and the non-cash acquisition in the previous financial      
  period were sold for a non-cash consideration of £7,000,000. The cash flow    
  statement has been adjusted accordingly.                                      
                       
  Previous period                                                             

  8,283,378 Ordinary shares were issued, at a deemed consideration of         
  £1,242,506, to acquire an investment.                                       
  The cash flow statement has been adjusted accordingly.