Preliminary Results

Web Shareshop (Holdings) PLC 12 September 2003 For immediate release on Friday 12 September 2003 Web Shareshop (Holdings) plc ('the Company') Chairman's statement Results for the year ended 31 July 2003 The Board announces the Group's audited results for the year ended 31 July 2003. Highlights Since the interim report to 31 January 2003 was issued, the Group has made its first very satisfactory trade investment sale to realise its first profit; also, it has made one further investment in accordance with the business plan. Stock market conditions continue to be such that further profit taking has not proved possible. Results The results for the twelve months to 31 July 2003 record a gross profit of £160,419 and an operating profit of £41,471 after all expenses; net interest payable of £47 leaves a net profit for the year before taxation of £41,424. During the period January to July 2003, the Group sold warrants to subscribe for ordinary shares in Hidefield plc for £159,519; these had been secured at no cost. As at 31 July 2003, the Group had £176,460 cash in the bank, net current assets of £568,500 and net assets of £568,750; trading investments are included at cost. The mid market valuation at 31 July 2003 was £1,125,812, giving an unrealised investment profit of £703,312. No dividend has been proposed for the year. The underlying net asset value per share based on the mid market quotations as at 31 July 2003 was 5.1 pence, fully diluted; since the year end, this has improved to stand at 7.1 pence per share on 9 September. The previous values were 6.4 pence at 31 January 2003 and 5.7 pence at 31 July 2002. Investments and current activities Having made a further investment since the balance sheet date, the trade investment portfolio currently comprises: Activities Domicile Equity held % Beowulf Gold plc Gold exploration and development England & Wales 5.79 Black Swan Resources Limited Diamonds and gold exploration Canada 0.79 Franconia Minerals Exploration North American minerals Canada 25.12 Hidefield plc North American mining & energy England & Wales 11.18 Southern African Resources plc High value metals & minerals England & Wales 9.68 St Helen's Capital plc Corporate finance advisor England & Wales 9.69 In addition, the Group holds warrants, the terms of which permit the purchase of new shares at a price below the current market price in Southern African Resources. The Group will continue to seek opportunities to underwrite small company new issues and support pre-IPO opportunities so as to enhance Shareholder value and to make disposals as soon as market conditions permit. The Group's overheads have been stabilised at approximately £65,000 per annum, exclusive of the Directors' fees and subject to increases arising from inflation and increased activity. The Directors have a broad strategy to make, say, six trade investments per year, each with warrants or options attached and to expect a 100% return within six to nine months. Whilst there are opportunities available for profitable trading, current resources are a limiting factor. Funding requirement In order to finance the Group's proposed activities, the Directors are seeking to raise additional capital through a placing which they expect to be concluded shortly. The Directors continue to be most satisfied with the overall achievements to date and look forward to reporting improved results in the years ahead. R Bruce Rowan, Chairman & Chief Executive 10 September 2003 Consolidated profit and loss account for the year ended 31 July 2003 Year ended Year ended 31 July 2003 31 July 2002 £ £ Turnover 160,419 429 Cost of sales - - Gross profit 160,419 429 Administrative expenses (119,178) (360,456) Operating profit/(loss) on ordinary activities 41,471 (360,027) Interest receivable - 10,609 Interest payable (47) (12) Profit/(loss) on ordinary activities before and after 41,424 (349,430) taxation Retained profit/(loss) for the year 41,424 (349,430) Profit/(loss) per share - basic and diluted 0.15 pence (1.5 pence) There are no recognised gains or losses in either year other than the profit/(loss) for the year. All of the operations are considered to be continuing. Consolidated balance Sheet As at 31 July 2003 Year ended Year ended 31 July 2003 31 July 2002 £ £ Fixed assets Tangible assets 250 500 Current assets Debtors 12,050 15,393 Trading investments 422,500 372,500 Cash at bank 176,460 125,066 611,010 512,959 Less: Creditors - amounts due within one (42,510) (28,232) year Net current assets 568,500 484,727 Net assets 568,750 485,227 Share capital and reserves Called-up share capital 276,324 262,291 Share premium account 1,352,581 1,324,515 Profit and loss account (1,484,565) (1,525,989) Merger reserve 424,410 424,410 Shareholders funds - equity interest 568,750 485,227 Company balance Sheet As at 31 July 2003 Year ended Year ended 31 July 2003 31 July 2002 £ £ Fixed assets Investments 1,427,573 1,427,573 Current assets Debtors 203,116 161,017 Net current assets 203,116 161,017 Total assets less current liabilities 1,630,689 1,588,590 Share capital and reserves Called-up share capital 276,324 262,291 Share premium account 1,352,581 1,324,515 Profit and loss account 1,784 1,784 Shareholders funds - equity interest 1,630,689 1,588,590 Consolidated cash flow statement for the year ended 31 July 2003 Year ended Year ended 31 July 2003 31 July 2002 £ £ Net cash inflow/(outflow) from operating activities 8,212 (694,173) Returns on investments and servicing of finance - net 1,083 10,597 interest received Capital expenditure and financial investments - 15,000 Cash inflow/(outflow) before management of liquid 9,295 (668,576) resources and financing Management of liquid resources 115,000 585,562 Financing - issue of Ordinary share capital 42,099 161,250 Increase/(decrease) in cash in the year 166,394 78,236 Net funds/(debt) at the beginning of the year 10,066 (68,170) Net funds/(debt) at the end of the year 176,460 10,066 The financial information set out above does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. Copies of the report and financial statements will be available from the Company Secretary at the registered office from Monday 29 September 2003: 123 Goldsworth Road, Woking, Surrey, GU21 1LR email: email@webshareshop.com END This information is provided by RNS The company news service from the London Stock Exchange

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