Final Results

Mavinwood PLC
23 February 2005


                                  Mavinwood plc
                                        
                          Unaudited Preliminary Results
                                        
                      For the period ended 31 December 2004

Mavinwood plc ( 'Mavinwood' or the 'company' ) announces its preliminary results
for the period ended 31 December 2004. These results relate to the period from
incorporation on 2 July 2004 to 31 December 2004.

Highlights

   •Successful flotation on AIM on 5 November 2004 raising £2.14m before
    expenses

   •Loss on ordinary activities after taxation of £81,442

   •Cash at bank as at 31 December 2004 of £1.97m

   •Referring to the outlook, Chairman Kevin Mahoney said

''Since our flotation in November last year we have fully researched the support
services market and have identified a number of potential acquisition
opportunities. Negotiations are in progress with a number of vendors''

Chairman's statement

Mavinwood

Mavinwood was incorporated on 2 July 2004 and these results are in respect of
the period from that date until 31 December 2004.

The company was floated on the AIM market of the London Stock Exchange ('AIM')
on 5 November 2004. Mavinwood's initial objective is to acquire one or more
specialist support services businesses that have the potential for growth,
either organically or in combination with other complementary businesses.
Reflecting the experience and knowledge of the directors, Mavinwood intends to
focus initially on acquisitions of services businesses, including acquisitions
in the home emergency and business-to-business service sectors. We plan to
introduce across the Group technology advances designed to integrate processes
and improve visibility for customers.

Following the first acquisition, we intend to use our skills and market
knowledge to increase organic growth and improve the profitability of each
acquired business. We will aim to improve profitability by reviewing acquired
management, introducing additional capital to support growth, introducing a
greater emphasis on sales and marketing and enhancing business strategies to
create superior performance and enhance shareholder value.

Where appropriate, Mavinwood intends to accelerate the growth of any acquired
business through one or more complementary acquisitions. This would aim to
increase the customer base, expand cross-sale opportunities and share costs of
process improvement and technology development.

By adopting this strategy we intend to create a market-leading UK support
services business.

Results

Turnover for the period was nil and will remain so until an acquisition is
completed.

The operating loss was £94,053 which comprised administrative expenses relating
to the approximately two month period from flotation until 31 December 2004.
Within these costs there were set up expenses such as IT costs and stationery
and other costs disproportionate to the two month trading period. We estimate
these amounted to approximately £30,000 in the period. Flotation expenses of
£245,482 have been charged to the share premium account. Interest income for the
period was £12,611 resulting in a loss before tax of £81,442 and a loss per
ordinary share of 1.07 pence.

As at 31 December 2004, Mavinwood's cash balances amounted to £1,968,909.

Dividends

As previously stated in the company's AIM Admission document, we intend to
reinvest profits in opportunities as they arise. As a result we do not intend to
propose a dividend. When Mavinwood's business has grown to a level where it
generates cash in excess of its anticipated requirements, we will then determine
an appropriate dividend policy.

Outlook

We are currently involved in discussions with a number of potential acquisitions
which are consistent with our strategy.

We believe that the economy continues to provide attractive opportunities in the
support services sector and we look forward to 2005 with confidence.

Profit and loss account
for the period from 2 July 2004 to 31 December 2004

                                                                       For the
                                                                   period from
                                                                2 July 2004 to
                                                                   31 December
                                                                          2004
                                                                             £

Administrative expenses                                                (94,053)

Operating loss                                                         (94,053)
Interest receivable                                                     12,611

Loss on ordinary activities before taxation                            (81,442)
Tax on loss on ordinary activities                                           -

Loss on ordinary activities after taxation                             (81,442)


All results are derived from continuing operations.

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

There is no difference between the loss on ordinary activities before taxation
and the result for the period noted above and the historical cost equivalents.

The basic and diluted loss per share of 1.07p is based on the retained loss for
the period of £81,422 and on the average number of ordinary shares in issue
during the period of 7,601,099.


Balance sheet
at 31 December 2004
                                                                   31 December
                                                                          2004
                                                                             £
Current assets
Debtors                                                                 11,037
Cash at bank                                                         1,968,909

                                                                     1,979,946

Creditors: amounts falling due within                                  (66,870)
one year

Net current assets                                                   1,913,076

Net assets                                                           1,913,076

Capital and reserves
Called up share capital                                                 73,900
Share premium account                                                1,920,618
Profit and loss account                                                (81,442)

Total equity shareholders' funds                                     1,913,076


Cash flow statement
for the period from 2 July 2004 to 31 December 2004

                                                        Note           For the
                                                                   period from
                                                                2 July 2004 to
                                                                   31 December
                                                                          2004
                                                                             £

Net cash outflow from operating activities               2             (38,220)

Returns on investments and servicing of finance
Interest received                                                       12,611

Net cash outflow before financing                                      (25,609)

Financing
Issue of share capital                                               2,240,000
Expenses paid in connection with share issues                         (245,482)

Net cash inflow from financing                                       1,994,518

Increase in cash                                                     1,968,909


Notes
1)   Basis of preparation

The financial information set out in this preliminary announcement, which was
approved by the directors on 23 February 2005, has been prepared on the basis of
the accounting policies set out in the accounts for the period ended 31 December
2004. The financial information does not constitute the company's statutory
accounts for the period ended 31 December 2004 but is derived from those
accounts. Statutory accounts for 2004 will be delivered following the company's
Annual General Meeting. The auditors have reported on those accounts; their
reports were unqualified and did not contain statements under section 237(2) or
(3) of the Companies Act 1985.

2)   Reconciliation of operating loss to net cash outflow from operating
     activities

                                                                          2004
                                                                             £

Operating loss                                                         (94,053)
Increase in debtors                                                    (11,037)
Increase in creditors                                                   66,870

Net cash outflow from operating activities                             (38,220)


ENQUIRIES

Mavinwood plc
Kevin Mahoney                020 7661 9650
Mike Vincent                 020 7661 9651

Weber Shandwick
John Coles                   020 7067 0749

ENDS





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