Interim Results

COUNTYWeb.com PLC
23 March 2001

                              COUNTYWeb.com PLC

                         INTERIM STATEMENT OF RESULTS

                  FOR THE SIX MONTHS ENDED 31 DECEMBER 2000

Highlights
                                         
                                                  
                                            6 months    Period from   8 months
                                               ended  27 October to      ended
                                         31 December    31 December    30 June
                                                2000           1999       2000
                                                 £              £          £

   Turnover                                   255,675       46,811   227,411
   Loss on ordinary activities before tax (1,457,098)    (127,712) (996,265)
   Loss per ordinary share                       6.4p         0.7p      4.5p


  * Media Partnership Contract signed with GWR Group including £1 million
    investment in the Group by GWR;

  * Business directory now in excess of 2.45, million entries;

  * Launch of Welsh language version of WALESWeb, www.gwesircymru.com;

  * Introduction of WAP-enabled services; and

  * Agreement signed to provide Equifax credit information via COUNTYWeb
    sites;

Non-executive Chairman, Keith Richmond states:

'We have made considerable progress towards our objectives in a period of some
uncertainty. The investment from the GWR Group in addition to the development
of the Business Directory and associated services were prominent events in the
period under review'

Further enquiries:

Keith Richmond (Non-executive Chairman)     01473 632 600

William Catchpole (Managing Director)       01473 321 800



Chairman's statement

The six months covered by this statement embrace a period of considerable
development of the COUNTYWeb business, set against a background of a rapidly
deteriorating climate for companies involved in the Internet sector. The
turnover and loss for the period were better than the Board's expectations.

A significant step forward for the Company was winning the support of GWR
Group Plc, the UK's leading commercial radio broadcasting company, and in
August they invested £1 million in new shares in the Company at £1 per share.
A Media Partnership Contract was also signed with one of its subsidiaries, and
this has been a major factor in lifting the profile and awareness of the
COUNTYWeb name through advertising on the GWR network of radio stations,
including Classic FM.

The Company also succeeded in gaining admission for the shares to be traded on
the Alternative Investment Market on 29 September. Between the Company's
original fundraising, during spring 2000, and the date of admission there was
a severe downturn in general market demand for Internet stocks and the closing
price of our shares after the first day's dealings was adjusted downwards
significantly from the issue price to reflect this.

In November the company extended its website hosting portfolio, with the
purchase of 115 web hosting contracts from UK Business Zone Limited (UKBZ), an
Internet business directory, while the COUNTYWeb business directory itself has
now been expanded to, in excess of, 2.45 million businesses, which we believe
to be the largest UK business directory on the Internet.

Since the start of the new year our well-established WALESWeb has been made
available in the Welsh language as an additional site, called
www.gwesircymru.com. This new website - the first Welsh-language online
directory - has over 2,000 business categories, lists 120,000 businesses, and
is fully WAP-enabled for customers on the move.

A further significant development has been the launch of the 927 series of WAP
sites, the number 927 corresponding to the letters WAP on a mobile phone
keypad. Whilst the future of WAP phones may not yet be entirely clear,
COUNTYWeb is abreast of developments and is currently well positioned.

At the beginning of October the company announced the launch of a new
WAP-enabled directory - uk:927 (uk927.com), and as one of the few
comprehensive WAP directory services in the United Kingdom, this provides
mobile telephone users with access to the full directory. This development was
followed by the launch of stars:927 (stars927.com) - the WAP version of
horoscopeweb.co.uk, one of the numerous sites used to drive Internet users to
the services offered by the company. Stars:927 displays the same daily or
weekly horoscopes as the COUNTYWeb site and soon proved popular, with nearly
12,000 requests around Christmas.

We are particularly pleased to report that we have very recently concluded a
deal with Equifax to sell credit information over the Internet. The new
service will enable visitors to the COUNTYWeb network to access and purchase
single or multiple credit reports created by the company using Equifax data.
Utilising Equifax's extensive commercial databases, COUNTYWeb will also be
able to provide its users with access to information on over 1.5 million
limited companies and nearly 1.4 million non-limited businesses. The reports
will range from a basic Credit Report at £16.00 to a Full Report at £32.00.
COUNTYWeb believes that this agreement will provide its users with a very
efficient means of accessing UK company credit reports, as well as providing
Equifax with a new distribution channel for both existing and new customers.
Available at all times, Equifax Credit Reports from COUNTYWeb will provide
valuable intelligence to determine the financial status of new customers for
UK businesses as well as providing a valuable source of online data for
foreign companies researching customers in the UK.

Finally, reports of fluctuations in the fortunes of some high-profile dot.com
companies should not be interpreted as signalling the end of the Internet or
its potential for the Company, since COUNTYWeb isare directly serving the
needs of online users and traditional businesses. However the Board is acutely
aware of the need to reach a sustainable business model before our cash
resources for developing the business reduce too much further and in this
regard a number of alternatives are under review. Further information will be
given to shareholders when appropriate.

Keith Richmond

Non Executive Chairman

23 March 2001



CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE 6 MONTHS ENDED 31 DECEMBER 2000
                                              

                                             6 months    Period from   8 months
                                                ended  27 October to      ended
                                          31 December    31 December    30 June
                                                 2000           1999       2000
                                                    £              £          £

Turnover                                       255,675       46,811     227,411
Cost of sales                                (100,544)        (543)    (28,568)
                                                 -----        -----       -----
Gross profit                                   155,131       46,268     198,843
Administrative expenses                    (1,710,390)    (173,980) (1,276,723)
                                                 -----        -----       -----
Operating loss                             (1,555,259)    (127,712) (1,077,880)
Other interest receivable and similar           98,161            -      83,854
income
Interest payable and similar charges                 -            -     (2,239)
                                                 -----        -----       -----
Loss on ordinary activities before         (1,457,098)    (127,712)   (996,265)
taxation
Tax on loss on ordinary activities                   -            -           -
                                                 -----        -----       -----
Loss on ordinary activities after taxation (1,457,098)    (127,712)   (996,265)

Deducted from reserves
                                                 -----        -----       -----

Loss per ordinary share                           6.4p         0.7p        4.5p

There are no recognised gains or losses for the period other than the loss
disclosed above.



CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2000
                                              31 December 31 December   30 June
                                                     2000        1999      2000
                                                    £           £          £

Fixed Assets
Intangible assets                                 345,005           -   298,621
Tangible assets                                   230,257     131,424   289,305
                                                    -----       -----     -----
                                                  575,262     131,424   587,926
                                                    -----       -----     -----
Current assets
Debtors                                           739,974      47,778   330,415
Cash at bank and in hand                        2,875,091          12 3,664,002
                                                    -----       -----     -----
                                                3,615,065      47,790 3,994,417
Creditors: amounts falling due within one       (458,523)    (86,925) (483,441)
year
                                                    -----       -----     -----
Net current assets                              3,156,542    (39,135) 3,510,976
                                                    -----       -----     -----
Total assets less current liabilities           3,731,804      92,289 4,098,902
                                                    -----       -----     -----
Capital and reserves
Share capital                                     268,572     202,001   257,672
Share premium account                           5,873,199      18,000 4,794,099
Other reserve                                      25,000           -    25,000
Merger reserve                                     18,396           -    18,396
Profit and loss account                       (2,453,363)   (127,712) (996,265)
                                                    -----       -----     -----
Shareholders' funds                             3,731,804      92,289 4,098,902
                                                    -----       -----     -----


CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2000

                                                                              
                                          6 months     Period from    8 months
                                             ended   27 October to       ended
                                       31 December     31 December     30 June
                                              2000            1999        2000
                                                 £               £           £

  Net cash outflow from operating      (1,805,969)        (53,496)   (598,409)
  activities                                                                  
  Returns on investments and                                                  
  servicing of finance                                                        
  Interest received                         98,161               -      83,854
  Interest paid                                  -               -     (2,239)
                                             -----           -----       -----
  Net cash inflow from returns on           98,161               -      81,615
  investments and servicing of                                                
  finance                                                                     
                                             -----           -----       -----
  Capital expenditure and financial                                           
  investment                                                                  
  Purchase of fixed assets               (187,786)         (1,010)   (732,886)
  Proceeds from sale of tangible            16,683               -       9,000
  fixed assets                                                                
                                             -----           -----       -----
  Net cash outflow from capital          (171,103)         (1,010)   (723,886)
  expenditure and financial                                                   
  investment                                                                  
                                             -----           -----       -----
  Acquisitions                                                                
  Cash acquired with COUNTYWeb                   -          54,518      54,518
  business                                                                    
                                             -----           -----       -----
  Financing                                                                   
  Proceeds from issue of new shares      1,090,000               -   5,606,500
  Issue expenses                                 -               -   (756,336)
                                             -----           -----       -----
  Net cash inflow from financing         1,090,000               -   4,850,164
                                             -----           -----       -----
  Increase/(Decrease) in cash            (788,911)              12   3,664,002
                                             -----           -----       -----



Notes


    1.     Basis of Preparation of Financial Information.

    The financial information contained in this statement does not constitute
    statutory accounts as defined in section 240 of the Companies Act 1985.
    The financial information has been prepared on the basis of the accounting
    policies set out in the Group's statutory accounts for the year ended 30
    June 2000. The financial information relating to the 8 months ended 30
    December 2000 has been extracted from the audited financial statements,
    which have been delivered to Companies House. The Company was incorporated
    on 27 October 1999 and did not commence trading until 5 November 1999 when
    it acquired COUNTYWeb Limited.


 2. Loss per ordinary share

    The calculation of loss per ordinary share is based on the loss on
    ordinary activities after taxation deducted from reserves divided by the
    weighted average number of shares in issue during the relevant period:


                                         6 months     Period from     8 months
                                            ended   27 October to        ended
                                      31 December     31 December      30 June
                                             2000            1999         2000

  Loss on ordinary activities          £1,457,098        £127,712     £996,265
  after taxation deducted from                                                
  reserves                                                                    
  Weighted average number of           22,597,570      17,234,123   21,987,570
  ordinary shares in issue during                                             
  the period                                                                  


                             
 3. Availability of interim statement


    Copies of this interim statement are being sent to the Company's
    shareholders and will also be available from the Company's head office at
    Melford Court, The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.