Final Results

Netcentric Systems PLC
31 March 2005


NETCENTRIC SYSTEMS PLC

31 March 2005


CHAIRMAN'S STATEMENT


RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2004


The Company recorded a loss after tax of £178,000. (£289,000 loss 2003).

Such losses are essentially Central Costs of £146,000. The equivalent costs in
2003 were £154,000.

Additionally the directors have decided for prudency to provide in full against
the carrying value of unrealised investments in the sum of £32,000.

We have looked at a number of 'reverse' acquisitions and investments for the
Company during the year, all of which have not been pursued for sound commercial
reasons and we will continue to look for such a suitable proposition.


PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2004

                                                                       2004                          2003
                                                                      £'000                         £'000
TURNOVER
Continuing operations                                                     -                            11
Discontinued operations                                                   5                             -
                                                                   --------                      --------
TOTAL TURNOVER                                                            5                            11

Cost of sales                                                             -                             -
                                                                   --------                      --------

GROSS PROFIT                                                              5                            11

Net operating expenses
Continuing operations                                                 (150)                         (214)
Discontinued operations                                                 (7)                             -
                                                                   --------                      --------

OPERATING LOSS
Continuing operations                                                 (150)                         (203)
Discontinued operations                                                 (2)                             -

TOTAL OPERATING LOSS                                                  (152)                         (203)

Interest income                                                           4                            33
Loss on disposal of investments                                           -                         (119)
Provision for investment write-downs                                   (30)                             -
                                                                   --------                      --------

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                           (178)                         (289)

Taxation                                                                  -                             -
                                                                   --------                      --------

LOSS FOR THE YEAR                                                     (178)                         (289)
                                                                   --------                      --------

LOSS PER SHARE    - BASIC                                             0.13p                         0.21p
                                                                   --------                      --------
                  - DILUTED                                           0.13p                         0.21p
                                                                   --------                      --------


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 SEPTEMBER 2004
                                                                                2004                          2003
                                                                               £'000                         £'000

Loss for the financial year                                                    (178)                         (289)


Revaluation of investment                                                       (12)                            12
                                                                            --------                      --------
Total gains and losses recognised in the
financial statements since the last annual
report                                                                         (190)                         (277)
                                                                            --------                      --------


BALANCE SHEET - AT 30 SEPTEMBER 2004
                                                                          2004                          2003
                                                                         £'000                         £'000

FIXED ASSETS

Investments                                                                  -                            42
                                                                      --------                      --------
                                                                             -                            42

CURRENT ASSETS
Debtors                                                                     38                            26
Cash at bank                                                               162                           310
                                                                      --------                      --------
                                                                                                         336
CREDITORS:  amounts falling due
within one year                                                           (49)                          (37)
                                                                      --------                      --------
NET CURRENT ASSETS                                                         151                           299
                                                                      --------                      --------
NET ASSETS                                                                 151                           341
                                                                      --------                      --------

Represented by:

CAPITAL AND RESERVES
Called up share capital                                                    699                           699
Reserves                                                                 (548)                         (358)
                                                                      --------                      --------
SHAREHOLDERS' FUNDS                                                        151                           341
                                                                      --------                      --------


CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2004


                                                                       2004                           2003
                                                                      £'000                          £'000

OPERATING ACTIVITIES
Net cash (outflow)/inflow from operating
activities                                                            (152)                            214
                                                                   --------                       --------
NET CASH (OUTFLOW)/INFLOW FROM OPERATING
ACTIVITIES                                                            (152)                            214

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received                                                         4                             18
                                                                   --------                       --------
                                                                          4                             18

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Sale of investments                                                       -                             42
                                                                   --------                       --------
                                                                          -                             42
                                                                   --------                       --------
(DECREASE)/INCREASE IN
CASH IN THE YEAR                                                      (148)                            274
                                                                   --------                       --------



2.    SEGMENTAL ANALYSIS BY CLASS OF BUSINESS

                                 Turnover                Loss before taxation          Operating net assets

                                 2004         2003             2004         2003             2004         2003
                                £'000        £'000            £'000        £'000            £'000        £'000

Investing activities                -            -             (30)        (132)                -           42
Rental activities                   5           11              (2)          (3)                -            -
Central costs                       -            -            (146)        (154)             (11)         (11)
                             --------     --------         --------     --------         --------     --------
                                    5           11            (178)        (289)             (11)           31
                             --------     --------         --------     --------
Cash at bank                                                                                  162          310
                                                                                         --------     --------
Net assets                                                                                    151          341
                                                                                         --------     --------


3.   SEGMENTAL ANALYSIS BY GEOGRAPHICAL AREA
     
     The whole of the Company's turnover and loss before taxation arise within
     the United Kingdom.  Similarly, all net assets are in the United Kingdom 
     with the exception of the investment held at 30 September 2004 in Harrell 
     Hospitality Group Inc., a company based in the United States of America, of 
     £Nil (2003: £42,000).
     
4.   LEASING INCOME

     The aggregate rentals receivable in the year in respect of operating leases 
     is £5,000 (2003: £11,000).

5.   RELATED PARTY TRANSACTIONS

     S A Komlosy and J J May, directors of the Company, were also directors of 
     London and Boston Investments plc during the year ended 30 September 2004.  
     London & Boston Investments plc held 68,386,092 shares in Netcentric 
     Systems plc (48.94%) at 30 September 2004 and 30 September 2003.

     During the year the Company incurred management fees relating to services
     provided by London & Boston Investments plc of £25,000 (2003: £39,333).  
     During the year the company also recharged expenses to London & Boston 
     Investments plc, which totalled £20,428 (2003: £507). The balance due to 
     London & Boston Investments plc at 30 September 2004 was £nil (2003: £nil).

     Further to the above transactions the Company also made a loan to London &
     Boston Investments plc.  Interest is charged at 6% per annum.   At 30 
     September 2004 the balance of this loan was £28,040 (2003: £nil).

6.   LOSS PER ORDINARY SHARE

     The calculation of loss per ordinary share is based upon a loss after
     taxation of £178,000 (2003: £289,000) and on 139,734,602 ordinary shares 
     being the weighted number of ordinary shares in issue during the year 
     (2003: 139,734,602).

     Share options and warrants do not have a dilutive effect.

7.   REPORT AND ACCOUNTS

     The financial information set out above does not constitute statutory 
     accounts within the meeting of Section 6 and Schedule 1 of the Isle of Man 
     Companies Act 1982.  Statutory financial statements for the financial year 
     ended 30 September 2004 will be delivered to the Register of Companies.

     The report and accounts will be posted to the shareholders shortly and will 
     be available from 133 Ebury Street, London, SW1W 9QU








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