Interim Results

Evolution Group PLC
27 September 2001

                             EVOLUTION GROUP plc

                               INTERIM RESULTS
                    FOR THE SIX MONTHS ENDED 30 JUNE 2001


Chairman's Statement

The results for the first six months of 2001 demonstrate that the process of
re-engineering the business model has made significant progress.

We have completed the integration of Evolution Capital Limited into the group.
Subsequently, we have developed this business by the addition of research,
sales and trading and support staff, which will enable us to service the
targeted institutional client base.

Within our retail stockbroking and asset management business the first half
has seen very difficult market conditions. We have therefore performed
significant restructuring in order to align the cost base with the business
volumes. Even against the background market conditions, I am very pleased that
we continue to see additional funds placed under management with us.

The next six months promise to provide further challenges if the market
conditions remain uncertain.  However, your board remains confident that the
strategic vision for the long term remains the right one and during the coming
months opportunities will arise to take significant steps forward.



ACW Snow

26 September 2001


Consolidated Profit & Loss a/c for the six months ended 30 June 2001


                                           Unaudited Six         Unaudited Six
                                       months to 30 June     months to 30 June
                                                    2001                  2000
                                                (£'000s)              (£'000s)

Turnover

Continuing operations                              3,586                     -
Acquisitions                                           -                     -
                                                   3,586                     -
Commissions paid and other direct                (1,199)                     -
expenses
Gross profit                                       2,387                     -

Administrative expenses                          (6,449)                 (452)
Profit on sale of investments                        957                   855

Provision to permanent diminution in                   -               (5,468)
value of fixed asset investments


Operating (loss)/profit

Continuing operations                            (2,346)               (5,065)
Acquisitions                                       (759)                     -


Loss on ordinary activities before               (3,105)               (5,065)
interest

Interest receivable and similar                    1,056                   949
income

Loss on  ordinary activities before              (2,049)               (4,116)
taxation

Taxation                                            (32)                 (153)

                                                 (2,081)               (4,269)
Minority interests                                    31                     -

Retained loss for the period                     (2,050)               (4,269)

Basic loss per ordinary share -                   (1.77)                (1.16)
pence




(Loss attributable to shareholders divided by number of shares in issue at end
of period)


Consolidated Balance Sheet as at 30 June 2001


                                       Unaudited 30 June      Unaudited 30 June
                                                    2001                   2000
                                                (£'000s)               (£'000s)
Fixed Assets
Intangible assets                                  6,787
Tangible assets                                      964                     33
Investments                                        7,525                 17,023
                                                  15,276                 17,056

Current Assets
Debtors                                            2,279                     47
Cash at bank & in hand                            36,422                 37,160
                                                  38,701                 37,207

Creditors: Amounts falling due                   (3,024)                  (133)
within one year

Net current assets                                35,677                 37,074

Total assets less current                         50,953                 54,130
liabilities

Creditors: Amounts falling due after                                      (143)
one year                                               -

Net assets                                        50,953                 53,987

Capital & Reserves
Called up share capital                            8,127                  4,198
Share premium                                     66,108                 53,815
Merger reserve                                     6,035
                                                                              -
Profit & loss account                           (29,287)                (4,026)
Equity minority interests                           (30)
                                                                              -

                                                  50,953                 53,987




Consolidated Cash Flow Statement for the six months ended 30 June 2001


                                           Unaudited Six         Unaudited Six
                                       months to 30 June     months to 30 June
                                                    2001                  2000
                                                (£'000s)              (£'000s)
Net cash (outflow) from operating                (4,123)                 (411)
activities

Returns on investments and servicing
of finance
Interest received                                  1,044                   949
Net cash inflow from returns on                    1,044                   949
investments and servicing of finance

Taxation
UK corporation tax paid                             (51)                     -

Capital expenditure and financial
investments
Sale of tangible fixed assets                          1                     -
Purchase of tangible fixed assets                  (326)                  (36)
Purchase of fixed asset investments              (3,495)              (19,754)
Sale of fixed asset investments                    2,276                 1,533

Net cash outflow from capital                    (1,544)              (18,257)
expenditure and financial
investments

Acquisitions and disposals
Purchase of subsidiaries                           (187)                     -
Net cash acquired with subsidiaries                2,524                     -
                                                   2,337                     -

Cash outflow before management of                (2,337)              (17,719)
liquid resources

Management of liquid resources
Decrease in short term deposits                        -                   800

Financing
Issues of ordinary share capital                   1,437                54,829
Expenses paid in connection with                    (31)                 (690)
share issues
Lease repayments                                    (18)                     -
Net cash inflow from financing                     1,388                54,139


Decrease in cash in the period                     (949)                37,220


Notes to the financial statements

1.   There has been no change in accounting policies since the last annual
report, as at 31 December 2000.

2.   There is a significant difference in the nature of activities between the
period for the 6 months ended 30 June 2001 and the corresponding period for
the six months ended 30 June 2000, as explained in the annual report as at 31
December 2000.

3.    The results are unaudited and have not been reviewed by the auditors.

4.    The interim report was approved by the directors on 26 September 2001.

5.    Copies of this interim report will be available for a period of 1 month
from today's date at 29-30 Cornhill, London, EC3V 3NF.