Interim Results

Mission Testing PLC
6 March 2002


                    Mission Testing plc
             ('Mission Testing' or 'the Group')
                              
   Interim results for the six months to 31 December 2001
                              
Financial Highlights

Mission Testing, the leading provider of specialist software
testing  solutions and services, is pleased to announce  its
interim results for the six months ended 31 December 2001.
                               
                          Unaudited    Unaudited     Audited
                         Six months   Six months        Year
                              Ended        Ended       Ended
                        31 December  31 December     30 June
                               2001         2000        2001
                              £'000        £'000       £'000

TURNOVER                      9,028        4,988      10,515

OPERATING PROFIT BEFORE
EXCEPTIONAL COSTS AND 
GOODWILL                        730          546       1,104

PROFIT BEFORE TAX, EXCEPTIONAL 
COSTS AND GOODWILL              897          505       1,277

EARNINGS PER SHARE 
(ADJUSTED FOR EXCEPTIONALS AND GOODWILL)

- Adjusted Basic (pence)       3.74         3.17        4.56

- Adjusted Diluted (pence)     3.70         3.14        4.43

DIVIDENDS (PENCE)              1.00            -        1.50

   - Revenues up 81% to £9.03m (Dec 2000: £4.99m)

   - Operating profit before tax and exceptional costs up 34% 
     to £730,000 (Dec 2000: £546,000)

   - Profit before tax, exceptional costs and goodwill up 78% 
     to £897,000 (Dec 2000: £505,000)

   - Adjusted diluted earnings per share before exceptional 
     costs including tax effect and amortisation of goodwill up
     18% to 3.70p (Dec 2000: 3.14p)

   - Cash balance of £8.02m (Dec 2000: £8.56m) at period end, 
     after £0.8m cash investment in acquisition

Commenting on the results and future prospects, Tony  Wells,
Chief  Executive Officer said; 'After an encouraging set  of
results  for  the six months  to December  2001,  we  remain
optimistic  about our future prospects. With  the  undoubted
challenges in the IT services market we cannot afford to  be
complacent  about  our success to date.  However,  with  our
growing team of experienced focused professionals, expanding
customer  base  and  enhanced service propositions,  we  are
firmly  on  track  to  becoming the  UK's  leading  software
testing solutions provider.'
                     
For Further information, please contact:

Mission Testing plc               (06/03/02)   020 7950 2800
Tony Wells, Chief Executive       (Thereafter) 01293 457 123
Carl Thompson, Finance Director  

Weber Shandwick Square Mile                    020 7950 2800
Terry Garrett
Anna Watson 


                     Mission Testing plc
             ('Mission Testing' or 'the Group')
                              
  Interim Results for the six months ended 31 December 2001
                              
                    Chairman's Statement

I am pleased to report the results for Mission Testing plc
for the six months  ended 31 December 2001. Yet again, the
Group is demonstrating  considerable  growth in a business
climate, which continues to be challenging.

Financial Review

Trading in  the  first  half of this  year has been strong.
Revenue in the period has increased by an impressive 81% to
£9.03m from £4.99m over the corresponding six months of the
prior year. Operating  profit, before goodwill, exceptional
costs  &  interest, grew  by  34%  to  £730,000 (Dec 2000 :
£546,000)  illustrating   the   impact  of  the   increased
investment in the business. Profit before  tax, exceptional
costs and goodwill  increased by 78% to £897,000 (Dec 2000:
£505,000). Diluted earnings per  share  before  exceptional
costs advanced by 18% to 3.70p (Dec 2000: 3.14p).

The  growth   rate   enjoyed  by  Mission  Testing  requires
considerable  investment  in  infrastructure  to support it.
During  the  period  we  increased  expenditure  in support,
administration  and  technology  in order to build  a strong
platform   for  sustained   organic  growth  and   selective
acquisitions where appropriate. We also incurred exceptional
restructuring  and  integration  costs  of  £124,000,  which
resulted   from  our   continued  efforts   to  finesse  the
positioning of our business and its people.

At the end of the period the Group had net cash balances of
£8.02m.

Acquisition update

On  24  August  2001, the  Group acquired the entire issued                   
share  capital  of  Specialist   Testing  Solutions  Limited                  

('STS') for a maximum consideration of £3.7m excluding costs                  
of £110,000,  satisfied  by  £700,000  of  cash  and  up  to                  
1,600,000  new  Ordinary  Shares  in Mission Testing plc. Of                  
these, 1,350,000 shares  were issued on completion and up to                  
a further 250,000 shares are due to be issued on finalisation 
of the STS completion accounts.                                 

STS  added  revenue  of  £867,000  and  £81,000 of operating 
profit in  the  period  and  is  completely  integrated with
Mission  Testing.  Although  the enhancement to earnings has
been slower than expected,  restructuring  means that we are
benefiting from additional, consultancy  skills  and several
new clients, which offer promising long  term  potential. We
have  also  benefited  from  the  addition  of  an office in
Manchester, which is a platform to support local clients and
will increase our presence in the North of England.


The Mission Testing Team

Change is inevitable in a business undergoing extraordinary
growth.  I   accepted  the   resignations  of   both  Peter
Basterfield, Director and co-founder, and David  Abery, our
Finance Director who joined  to  facilitate  the  admission
process. On behalf of the Board, I would like to thank them
for their respective  contributions and wish them both well
for the future.

On 11 December 2001, we  welcomed Carl  Thompson as our new
Finance Director. Carl  has   invaluable  experience of the
professional services sector, primarily  gained  from  nine 
years at ICL where he was a divisional Finance Director.

Recruiting and retaining high quality people remains a vital
component of Mission   Testing's  growth  strategy and, as I
stated at  our AGM on 7  November 2001, we  will continue to
review  and   develop  a   senior  management  team  that is
appropriate to the Group's development.

I  would   like to thank all of the staff of Mission Testing 
for  their   excellent  and continuing efforts, particularly
with the pressures evident in today's IT services market.

Outlook

The market  for  software  testing  solutions  and  services
continues  to   offer   substantial   long    term    growth
opportunities. Mission Testing  is enjoying an  increasingly
prominent  position  in the UK  and  we  have   successfully
secured  new    business  with  organisations  embarking  on
projects where  risk  management  is particularly important,
most notably in the retail banking sector.

However, the events witnessed in the United States last year
have inevitably delayed both planned and discretionary spend
on many IT projects worldwide.  Whilst  software testing has
grown significantly in  importance and  taken  an increasing
share of IT budgets, it is not immune in a sector, which has
faced  considerable   challenges  in  the  last five months.
Whilst sounding a note of caution  for the full year, we are
continuing  to   invest  in   building  superior    business
development and  consultancy   teams in the firm belief that
Mission Testing is in a strong position to take advantage of
future growth opportunities.

We are in excellent  shape  for a business still only in its
fourth year. Reporting solid   trading results for the first
half of 2001/02 and from a position of substantial financial
strength   we  continue to look  forward  to the future with
confidence.

Dividend

The Directors are pleased to  recommend an interim  dividend
of 1.00p  per  share   (Dec 2000: Nil). The dividend will be
paid on 12 April 2002 to those shareholders on  the Register
at the close of business on 13 March 2002.

Graham Pooley
Chairman

For Further information, please contact:

Mission Testing plc               (06/03/02)   020 7950 2800
Tony Wells, Chief Executive       (Thereafter) 01293 457 123
Carl Thompson, Finance Director  

Weber Shandwick Square Mile                    020 7950 2800
Terry Garrett
Anna Watson 
 


MISSION TESTING plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT

                            Unaudited   Unaudited    Audited
                           Six months  Six months       Year
                                Ended       Ended      Ended
                          31 December 31 December    30 June
                                 2001        2000       2001
                        Notes   £'000       £'000      £'000

TURNOVER                        9,028       4,988     10,515

Net operating costs            (8,298)     (4,442)    (9,411)
Exceptional costs          4     (124)       (310)      (310)
                              ________    ________   ________

OPERATING PROFIT                   606         236       794
(Before goodwill amortisation)
Goodwill amortisation             (136)          -         -
Net interest                       167         (41)      173
                              ________    ________   ________

PROFIT ON ORDINARY ACTIVITIES      637         195       967
BEFORE TAXATION
Tax on profit on ordinary 
activities                 3      (232)        (74)     (337)
                              ________    ________   ________
                              
PROFIT ON ORDINARY ACTIVITIES      405         121       630
AFTER TAXATION
Dividends*                 5      (172)        (48)     (305)
                              ________    ________   ________
                              
RETAINED PROFIT FOR THE PERIOD     233          73       325
                              ________    ________   ________
                              
EARNINGS PER SHARE (PENCE)
Basic EPS                  6      2.42       1.02       4.56
                              
Adjusted Basic EPS
(excluding exceptional 
costs and goodwill)        6      3.74       3.17       6.41
                              
Diluted EPS
(including exceptional 
costs and goodwill)        6      2.39       1.01       4.43
                              
The  Group had no recognised gains or losses, in either  the
current or prior periods, other than those dealt with in the
profit and loss account.

All of the results derive from continuing operations.

* Dividends of £48,000 paid during the period to 31 December
2000  are those paid to the shareholders of Mission  Testing
Europe  Limited (now the wholly owned subsidiary of  Mission
Testing  plc) for the periods prior to the Group's admission
to AIM.



MISSION TESTING plc
CONSOLIDATED BALANCE SHEET


                            Unaudited   Unaudited    Audited
                           Six months  Six months       Year
                                Ended       Ended      Ended
                          31 December 31 December    30 June
                                 2001        2000       2001
                                £'000       £'000      £'000
                       Notes

INTANGIBLE FIXED ASSETS
Goodwill                       3,933            -          -

TANGIBLE FIXED ASSETS            200           79        121

CURRENT ASSETS
Debtors                        3,265        2,501      2,092
Cash at bank and in hand       8,016        8,564      8,985

CREDITORS
Amounts falling due within 
one year                      (2,996)      (1,743)    (1,545)

NET CURRENT ASSETS             8,285        9,322      9,532
                             ________     ________   ________
TOTAL ASSETS LESS CURRENT
LIABILITIES                   12,418        9,401      9,654
                             ________     ________   ________


CAPITAL AND RESERVES
Called up share capital        1,716        1,581      1,581
Share premium account         10,890        8,493      8,493
Merger reserve            8   (1,123)      (1,123)    (1,123)
Other reserve                    100          100        100
Profit and loss account          835          350        602
                              ________    ________   ________

EQUITY SHAREHOLDERS' FUNDS     12,418       9,401      9,653
                              ________    ________   ________



MISSION TESTING plc
CONSOLIDATED CASHFLOW
                            Unaudited   Unaudited    Audited
                           Six months  Six months       Year
                                Ended       Ended      Ended
                          31 December  31 December   30 June
                                 2001         2000      2001
                         Notes  £'000       £'000      £'000

NET CASH (OUTFLOW)/INFLOW 
FROM OPERATING ACTIVITIES    7    (14)       (323)        96

Returns on investments and 
servicing of finance              167         (41)       173

TAXATION
Corporation tax paid              (29)          -       (129)

CAPITAL EXPENDITURE
Payments to acquire fixed assets  (59)        (47)      (112)
Cash acquired with subsidiary      33           -          -
Acquisition of subsidiary        (810)          -          -

EQUITY DIVIDENDS PAID            (257)        (48)       (66)
                               ________    ________   ________
Cash outflow before management 
of liquid resources and 
financing                        (969)       (459)       (38) 

FINANCING
Issue of ordinary shares            -       9,051      9,051
(Decrease) in debenture loans       -         (75)       (75)
                               ________   ________   ________

(DECREASE)/INCREASE IN CASH      (969)       8,517     8,938
                               ________   ________   ________





                     MISSION TESTING plc

            NOTES TO THE UNAUDITED INTERIM REPORT


  1  BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION

     The  consolidated  interim  financial  information  for
     Mission  Testing plc ('Mission Testing or  the  Group')
     has  been  prepared  on  the basis  of  the  accounting
     policies set out in the statutory accounts of the group
     for the year ended 30 June 2001.
     
     The  financial  information contained in  this  interim
     statement  does  not constitute statutory  accounts  as
     defined  in section 240 of the Companies Act 1985.  The
     financial  information for the full preceding  year  is
     based on the statutory accounts of Mission Testing  plc
     for  the  financial  year ended  30  June  2001.  Those
     accounts, upon which the auditors issued an unqualified
     opinion  and did not contain a statement under  section
     237  (2)  or (3) of the Companies Act 1985,  have  been
     delivered to the Registrar of Companies.
     
  2  ACQUISITION OF SUBSIDIARY

     On 24 August 2001, the Group acquired the entire issued
     share capital of STS, a UK based company engaged in the
     supply  of  software testing consultancy services.  The
     results  for  STS  for the period post acquisition  are
     consolidated and included within the interim  financial
     information  for  Mission Testing. During  the  interim
     period STS contributed £867,000 of turnover and £81,000
     of operating profit towards group results.
     
  
  3  TAXATION
  
  
     The  tax charge for the half year has been based on the
     estimated effective tax rate for the full year.

  4  EXCEPTIONAL COSTS

     The  profit  and  loss account for  the  period  to  31
     December   2001   includes  exceptional   expenses   of
     £124,000,  associated  with the reorganisation  of  the
     group  following the acquisition of STS in August  2001
     (Dec  2000: £310,000). Exceptional costs in the  period
     to  31 December 2000, related to costs incurred in  the
     admission on AIM.

  5  DIVIDENDS

     The  directors  recommend that an interim  dividend  of
     1.00  pence per share be paid in respect of the  period
     to  31  December 2001 amounting to £171,572 (Dec  2000:
     £Nil)  on 12 April 2002 for those shareholders  on  the
     register at 13 March 2002.
     
     
  6  EARNINGS PER ORDINARY SHARE
  
     The calculation of basic earnings per share is based on
     attributable  profit of £405,000 (Dec  2000:  £121,000,
     June  2001: £631,000), divided by the weighted  average
     number of ordinary shares in issue of 16,760,975 shares
     (Dec  2000:  11,874,735,  June 2001:  13,824,792).  The
     adjusted  basic  earnings per share  is  based  on  the
     attributable  profit of £628,000 (Dec  2000:  £376,000,
     June  2001:  £886,000)  which is  after  adjusting  for
     exceptional costs of £124,000 (Dec 2000: £310,000, June
     2001:  £310,000) and the tax effect thereon of  £37,000
     (Dec  2000: £55,000, June 2001: £ 55,000) and  goodwill
     amortisation  of £136,000 (Dec 2000: £Nil,  June  2001:
     £Nil).  The diluted earnings per share calculation  are
     based  on 16,951,812 (Dec 2000: 11,974,378, June  2001:
     14,232,216) Ordinary Shares and reflect the exercise of
     all options granted.
     
  7  RECONCILIATION OF OPERATING PROFIT TO NET CASH  FLOW
     FROM OPERATING ACTIVITIES
  
                            Unaudited   Unaudited    Audited
                           Six months  Six months       Year
                                Ended       Ended      Ended
                          31 December 31 December    30 June
                                 2001        2000       2001
                                    £           £          £
     
     Operating profit before 
     goodwill amortisation       606          236        794
     Depreciation                 46           13         35
     (Increase) in debtors      (612)        (943)      (534)
     Increase/(decrease) in 
     creditors                   (54)         371       (199)
                             ________     ________   ________
     
     Net cash flow from 
     operating activities        (14)         (323)       96
                             ________     ________   ________

  8  MERGER RESERVE
  
     Mission   Testing  plc   previously acquired the entire
     issued share capital of  Mission Testing Europe Limited
     in exchange for the issue  of shares in Mission Testing
     plc. The  merger  reserve   represents   the difference
     between  the  total   nominal value of  ordinary shares
     issued  to   former  Mission   Testing  Europe  Limited
     shareholders and the total nominal value of the Mission
     Testing Europe Limited shares acquired.
     
  9  CIRCULATION TO SHAREHOLDERS
  
     Copies  of  this  interim statement  will  be  sent  to
     shareholders  on  15 March 2002   and  copies  will  be
     available   to  the  public  at  the  Mission   Testing
     registered   office,  Sterling  House,   High   Street,
     Crawley,    West    Sussex,   RH10    1GE    or    from
     www.missiontesting.com


Independent review report by KPMG Audit Plc to Mission
Testing plc

Introduction

We  have  been  instructed  by  the   company to  review the
financial  information set out on pages  4 to 8 and  we have
read  the other information contained  in the interim report
and    considered   whether   it   contains   any   apparent
misstatements or material inconsistencies with the financial
information.


Directors' responsibilities

The   interim   report,  including the financial information
contained therein, is the  responsibility  of, and has  been
approved by, the directors.  The directors   are responsible
for preparing  the   interim report  in a ccordance with the
Listing Rules  of the Financial  Services  Authority   which
require that   the   accounting   policies  and presentation
applied to the interim figures should   be   consistent with
those applied   in   preparing the preceding annual accounts
except where   they   are to be changed   in the next annual
accounts  in   which case  any  changes, and the reasons for
them, are to be disclosed.


Review work performed

We   conducted  our  review  in  accordance   with  guidance
contained  in  Bulletin  1999/4: Review of interim financial
information issued by the  Auditing  Practices Board for use
in the United  Kingdom.  A review  consists   principally of
making enquiries of group management and applying analytical
procedures   to  the  financial  information  and underlying
financial  data  and, based t hereon,  assessing whether the
accounting policies and presentation  have been consistently
applied    unless   otherwise    disclosed.  A   review   is
substantially less in  scope  than   an audit performed   in
accordance with Auditing Standards and  therefore provides a
lower level of assurance than  an audit.  Accordingly  we do
not express an audit opinion on the financial information.


Review conclusion

On the basis of our review we are not aware of any  material
modifications   that   should  be  made  to   the  financial
information   as   presented   for   the six months ended 31
December 2001.


KPMG Audit Plc
Chartered Accountants
Crawley
6 March 2002






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