Interim Results

Rodime PLC
31 May 2000


RODIME PLC

RODIME PLC ('Rodime' or the 'Company')
AUDITED INTERIM RESULTS FOR THE
SIX MONTHS ENDED 31 MARCH 2000

Chairman's statement                                           

Seagate

The  business  of Rodime in recent years has been the licensing and exploitation
of its patents covering disk drive technology. The principal objective of Rodime
has been to collect royalties from third parties on the manufacturing and sale
of disk drives in respect of which the Company holds patents registered in the
United States, Canada and major western European countries.

The first six months of this financial year have seen a remarkable change in the
Company's financial position and opportunity for future growth.  In  the  press
release of 27th January 2000 the Company reported on  the  mediation  in its
long-running legal dispute with  Seagate Technology Inc. (Seagate), which
resulted in the Company receiving a cash sum of $45 million in full and  final
settlement of its claims against Seagate in respect of its '383 patent  covering
3.5 inch disk drive technology.

Following  upon  this settlement, the Company negotiated with Bank  
of Scotland redemption  of all its outstanding loan stock of $33.9 million in 
exchange for payment of  the  sum of $27.5 million out of the net proceeds  of
the Seagate settlement. After making provision for estimated tax and other
liabilities, the Company had cash resources of $9.0 million at 31 March 2000.

Results

The  profit on ordinary activities before taxation was $49.4 million for the six
months ended 31 March 2000 (1999: loss of $583,000). Corporation tax payable was
$6.8 million after the full utilisation of tax losses carried forward from prior
years, resulting in income after taxation for the period of $42.7  million (in
the six months ended 31 March 1999 taxation was nil and the loss after taxation
was $583,000).

Operating  income of $51.4 million arose from two items: $45 million  settlement
income from the Seagate litigation and $6.4 million debt forgiveness by Bank of
Scotland both as described above. Running royalties were not received during the
period although licenses covering the sale of products in the U.S. continue to
be in effect and royalties could recommence in future depending on market demand
for and  supply  of  disk  drives, and  profitability levels of disk drive
manufacturers.  Interest  income  on  cash  resources  invested was $187,000. 
Administrative expenses increased in the period to $2.2  million  (1999:  $0.6
million),  the  increase being due to legal costs associated  with  the  Seagate
litigation  and  bonuses  earned by management  (as a result of the Seagate
settlement) under the Long Term Incentive Plan.

Future Prospects

Since the successful conclusion of its action against Seagate, Rodime has  been
undertaking a strategic review and has actively been seeking new opportunities
to increase shareholder value.

As a result of its review, the Company has decided to focus on the acquisition,
management and development of patented and other technologies, with particular
emphasis  on the 'new economy', namely the internet. By doing this, the  Company
seeks  to set in place a solid infrastructure to enable it to maximise revenues
through  a  selective  acquisition strategy. The  strategy  involves  three  key
elements:

*  The Company will continue to license and exploit its patents covering disk   
  drive technology.  Furthermore, the Company intends to evaluate the           
 licensing and royalty potential of its patents which have not yet been fully   
licensed including its digital-servo patent ('DSP') portfolio. In addition     
to exploiting its own patents, the Company intends to seek new opportunities   
to assist third parties in exploiting their own intellectual property rights   
by using Rodime's know-how.  A number of potential opportunities in this       
regard are under review.

*  The Company will identify  selective acquisitions to  give  it  considerable
   expertise in the infrastructure  technology  of  the  internet.   These
   acquisitions should position Rodime as a key player in the new economy,      
  with particular  emphasis  on  the  infrastructure relating  to  the  high    
 growth e-commerce industry.

*  The Company's long term focus will be on high growth areas which  should
   provide  it  with  a market value to enable it to continue  to  grow         
  through selective  acquisitions  and  investments in identified  areas.       
 Rodime will achieve  the  new  strategy  of  building  a  significant          
presence in the infrastructure  required  by  e-business companies  either     
by acquisitions, investments  or  partnerships  that  may  include  European   
distribution  of products and services developed by US-based companies.

   The opportunities sought must be complementary to or add value to the
   infrastructure which has been set in place, either via cross marketing
   opportunities or technological improvements. In the high tech field, there
   are many young companies which have potentially valuable intellectual        
  property rights which they cannot exploit because of a variety of factors,    
 such as their size and stage of development. We would actively look to help    
such companies either by acquiring their intellectual property or by           
managing it on their behalf.

   The Company is in discussions with Bank of Scotland to obtain bank funding   
  which will allow the strategy to be implemented.

The Rodime Team

Rodime  has  put in place a management structure which is capable of  delivering
the  strategy. During the protracted litigation with Seagate the Company focused
on  conserving its financial resources by reducing staffing levels.  Apart from
the numerous specialist attorneys and technical consultants funded by Rodime,
the Company reduced its full and part-time staff to just three people. Since the
settlement with Seagate earlier this year, the Company's Managing Director and
Chief Executive Officer, Peter Bailey, has focused on building a management team
that can make Rodime's new strategy a reality, and we are pleased to confirm the
following Board and management changes:

*  Colin McGill(51)will join the Company on 1st June 2000 as a member of the 
   Board and Chief Operating Officer. Colin is a law graduate of Glasgow        
  University and qualified as a chartered  accountant in 1971. He has held a
   number of senior positions within Bank of Scotland, most recently as         
  Divisional Chief Executive Corporate Banking, where he was responsible        
 for merging and managing the Bank's global corporate business activities.

*  David Mathewson (52), currently a non-executive director will join the
   Company as Finance Director with effect from 10 July 2000. David is a        
  graduate of St Andrews University and qualified as a chartered accountant in  
 1972. After holding various senior banking positions overseas he joined        
Noble Grossart, merchant bankers, in 1986 and became a director of Noble       
Grossart in 1989. He has extensive experience in advising clients in           
corporate transactions

*  David Ovens will join Rodime as Manager of Business Development. David
   graduated in law from Edinburgh University in 1994. He also has a diploma in
   French law from Paris University and obtained the Securities Institute       
  Diploma in 1996. Between 1994 and 1996, David worked for Samuel Montagu & Co  
 in London, before joining Noble Grossart in 1996. David has been involved in   
a wide variety of corporate finance transactions and is fluent in French and
   German.

*  James Teter(50)will join the Board on lst June 2000, initially as a
   non-executive director. James is a graduate in chemistry of Carnegie Mellon
   University in Pennsylvania. After graduating, James founded the
   Three Rivers Computer Corporation working in various roles including
   President and member of the executive committee. In 1981, James founded
   Management Graphics Inc. (MGI) in Minneapolis to produce computer
   graphic systems. MGI merged with Electronics For Imaging in late 1999,
   since when James has acted as General Manager of Minnesota operations
   during the business transition. He will bring significant experience in
   US technology companies to the Board.

James  Waterman  Swent  III, who has been a non-executive director since 1992,
retired from the Board this month to concentrate on his other interests in the
USA.  I would like to thank Jay for the contribution he has made to the Company
over the last decade and wish him well for the future.

As  it acquires companies, Rodime will look for high quality management as a key
ingredient for the success of its strategy.

The  future  for  Rodime's shareholders looks better than it has  for  the  past
several  years, and I am looking forward to the implementation of the  Company's
new strategy to increase shareholder value.

M McIver
Chairman

Profit & Loss Account
                             6 Months ended   6 Months ended  6 Months ended
                             31 March 2000    31 March 1999   30 September 1999
                                  $000             $000              $000 
                                 (Audited)      (Unaudited)        (Audited)

Continuing operations

Operating income                   45,000            -                 -
Administrative expenses            (2,166)         (583)            (1,000)

Operating Profit/(loss)            42,834          (583)            (1,000)
Discharge of loan                   6,400            -                 -
Interest receivable                   187            -                 -

Profit/(loss) on ordinary 
  activities before taxation       49,421          (583)            (1,000)

Taxation                           (6,752)           -                 -

Retained profit/(loss) 
  for the period                   42,669          (583)            (1,000)

Per ordinary share                  16.8c          (0.2c)            (0.4c)

Number of ordinary shares     254,274,885    254,274,885       254,274,885


The Company has no recognised gains and losses other than those included in the
results above, and therefore no separate statement of total recognised gains and
losses has been presented.


Press enquiries:

Peter Bailey, Managing Director             [phone] 8477

David Mathewson, Non-Executive director 
Noble Grossart Limited                      [phone]