Interim Results-Amendment

COUNTYWeb.com PLC 2 April 2001 COUNTYWEB.COM PLC AMENDMENT - INTERIM STATEMENT OF RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2000 Further to the announcement made under RNS 0128B at 16.25 on 23 March 2001, the loss per ordinary share for the six months ended 31 December 2000 was 5.5p, based on a weighted average number of ordinary shares in issue of 26,377,172 not 6.4p as previously announced on 23 March 2001. COUNTYWeb.com PLC INTERIM STATEMENT OF RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2000 Highlights 6 months ended Period from 8 months 31 December 27 October to ended 2000 31 December 30 June 1999 2000 £ £ £ Turnover 255,675 46,811 227,411 Loss on ordinary activities (1,457,098) (127,712) (996,265) before tax Loss per ordinary share 5.5p 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 is 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 16 March 2001 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 31 DECEMBER 2000 6 months Period from 8 months ended ended 27 October to 30 June 31 December 31 December 2000 2000 1999 £ £ £ 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 98,161 - 83,854 and similar income Interest payable and - - (2,239) similar charges ----- ----- ----- Loss on ordinary (1,457,098) (127,712) (996,265) activities before taxation Tax on loss on ordinary - - - activities ----- ----- ----- Loss on ordinary (1,457,098) (127,712) (996,265) activities after taxation Deducted from reserves ----------- ----------- ----------- Loss per ordinary share 5.5p 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 345,005 - 298,621 assets 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 2,875,091 12 3,664,002 and in hand ----- ----- ----- 3,615,065 47,790 3,994,417 Creditors: (458,523) (86,925) (483,441) amounts falling due within one year ----- ----- ----- Net current 3,156,542 (39,135) 3,510,976 assets ----- ----- ----- Total assets 3,731,804 92,289 4,098,902 less current liabilities ---------------- --------------- -------------- Capital and reserves Share capital 268,572 202,001 257,672 Share premium 5,873,199 18,000 4,794,099 account Other reserve 25,000 - 25,000 Merger reserve 18,396 - 18,396 Profit and loss (2,453,363) (127,712) (996,265) account ----- ----- ----- Shareholders' 3,731,804 92,289 4,098,902 funds ---------- ---------- ---------- CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2000 Period from 8 months 6 months ended 27 October to ended 31 December 31 December 30 June 2000 1999 2000 £ £ £ Net cash outflow from (1,805,969) (53,496) (598,409) operating activities Returns on investments and servicing of finance Interest received 98,161 - 83,854 Interest paid - - (2,239) ----- ----- ----- Net cash inflow from 98,161 - 81,615 returns on investments and servicing of finance ----- ----- ----- Capital expenditure and financial investment Purchase of fixed assets (187,786) (1,010) (732,886) Proceeds from sale of 16,683 - 9,000 tangible fixed assets ----- ----- ----- Net cash outflow from (171,103) (1,010) (723,886) capital expenditure and financial investment ----- ----- ----- Acquisitions Cash acquired with - 54,518 54,518 COUNTYWeb business ----- ----- ----- Financing Proceeds from issue of new 1,090,000 - 5,606,500 shares Issue expenses - - (756,336) ----- ----- ----- Net cash inflow from 1,090,000 4,850,164 financing ----- ----- ----- 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 ended 27 October to 30 June 31 December 31 December 2000 2000 1999 Loss on ordinary £1,457,098 £127,712 £996,265 activities after taxation deducted from reserves Weighted average number of ordinary shares in 26,377,172 17,234,123 21,987,570 issue during the period 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.

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