Interim Results

Netcentric Systems PLC
20 July 2000


NETCENTRIC SYSTEMS PLC

(Formerly Manx & Overseas Plc)

Interim Report 2000 
Netcentric Systems Plc

Chairman's Statement for the period ended 31 March 2000

This is my first statement to shareholders as Chairman of your Company, a role
I have assumed as a result of the acquisition of Netcentric Systems Ltd. which
was recently  completed.  The acquisition represents a radical change in the
strategy and direction of your Company from property investment into the fast
moving IT sector.  By acquiring a company which has developed software
products for website management, I believe that the Company is poised to grow
strongly in a rapidly expanding market.

The results for the six months to 31 March 2000 relate entirely to the
activities of your company prior to the acquisition of Netcentric Systems Ltd.
During the period a loss of £932,000 (1999 profit: £29,000) was recorded after
taxation.  The operating loss from continuing activities before interest was
£354,000 (1999 loss: £252,000).  In addition, the Company incurred an
exceptional charge for £310,000 on the disposal of its distribution
businesses.  As a result of this disposal, at the end of the period the
Company was purely a property investment company.

During the period in question, the board identified an opportunity to move the
Company into a sector which they believe offers greater potential to increase
shareholder value more quickly rather than through the expansion of the
property investment activities.   Thus, on 10 July shareholders' consent was
given to acquire Netcentric Systems Limited.  The previous property-related
activities of your Company are to be disposed of in order to concentrate all
available resources on exploiting the favourable market position enjoyed by
our principal software product, LYCHEE, a product which helps companies to
manage their websites easily and simply.

As a consequence of the Company's change in direction, a new management team
has been appointed.  The directors would like, on behalf of all shareholders,
to thank those directors who have now retired for their contribution to the
group.  The new board will be carrying out an appraisal of the Company's
property portfolio in order to maximise the amount the company receives from
the disposal of the properties.   

I look forward to writing to you again at the year end to advise you as to how
the Company's new activities are developing.

Robert Williams
Chairman 


Netcentric Systems Plc (formerly Manx & Overseas Plc)

Consolidated profit and loss account
For the six months to 31 March 2000

                                       Unaudited                       Audited
                         Period ended       Period ended            Year ended
                        31 March 2000      31 March 1999     30 September 1999
                                £'000              £'000                 £'000
      
Turnover                                                 
Continuing operations             407                  6                     6
Acquisitions                        -                  -                    36
                                  407                  6                    42
Discontinued operations         1,836              6,026                10,785
                                                        
Total turnover                  2,243              6,032                10,827
       
Operating loss                                                 
Continuing operations           (354)               (252)                (735)
      
Acquisitions                       -                   -                    36
                                (354)               (252)                (699)
      
Discontinued operations          (62)                401                   574
                                (416)                149                 (125)
      
                                                 
Exceptional operating costs        -                   -                 (234)
     
Total operating (loss)/profit   (416)                149                 (359)
   
Exceptional items               (310)                  -                  (89)
    
(Loss)/profit on ordinary
activities before interest      (726)                149                 (448)
      
Interest income                    4                   5                    10
       
Interest payable and
similar charges                 (207)               (126)                (218)
      
                                                 
(Loss)/profit on ordinary
activities before taxation      (929)                 28                 (656)
      
Taxation                          (3)                  1                    26
  
(Loss)/profit for the
financial year                  (932)                 29                 (630)
      
Dividend                           -                   -                     -
      
(loss)/retained profit
for the year                    (932)                 29                 (630)
 
(loss)/earnings per
share - basic                 (0.98p)               0.04p               (0.8p)
      - diluted               (1.00p)              (0.04p)              (0.8p)
       

Netcentric Systems Plc (formerly Manx & Overseas Plc)

Balance sheets

                                       Unaudited                       Audited
                                As at            As at                   As at
                        31 March 2000    31 March 1999       30 September 1999
                                £'000            £'000                   £'000
Fixed assets                         
Tangible assets                10,015            5,837                  10,341
Investments                       541               39                     541
                                   
                               10,556            5,876                  10,882
                                   
Current assets                                   
                                   
Cash at bank                      179              212                      67
Debtors: amounts falling
due within one year               221            2,410                   1,324
Debtors: amounts falling
due after one year                  -              514                       -
Stocks                              -            2,061                   1,581
                                   
                                  400            5,197                   2,972
                                   
Creditors: amounts falling
due within one year             1,461            4,161                   2,451
Net current (liabilities)/
assets                         (1,061)           1,036                     521
Total assets less
current liabilities             9,495            6,912                  11,403
                                   
Creditors: amount falling due
after more than one year        3,943              913                   4,919
                                5,552            5,999                   6,484
                                   
Capital and reserves                                   
Called-up share capital         4,762            3,950                   4,762
Reserves                          790            2,049                   1,722
                                   
Equity shareholders' funds      5,552            5,999                   6,484
                                   

Netcentric Systems Plc

Notes to Interim Accounts

1. The interim financial statements have been prepared on the basis of the
accounting policies as set out in the Statutory Financial Statement for the
year ended 30 September 1999.

2. These Statements do not constitute Statutory financial statements within
the meaning of Section 240 of the Companies Act 1985 (as amended).  The
comparative figures for the year ended 30 September 1999  are an abridged
statement of the full financial statements for that period which have been
delivered to the Registrar of Companies and on which the auditors made an
unqualified report.

3. There are no recognised gains and losses for the period other than those
included in the results for the period.

4. The exceptional charge for the period arises as a result of the loss on
disposal of the Company's distribution business on the Isle of Man.

5. Basic earnings per share is based upon 95.25 million (March 1999 - 72.27
million) weighted average number of shares in issue.

6. The directors do not intend to pay a dividend at this time.

7. Copies of this report are being sent to all shareholders on 27 July 2000. 
Further copies are available from the Company's registered office in the Isle
of Man and from Lower Court 1, Copley Hill Farm, Cambridge Road, Babraham,
Cambridge, CB2 4AF.

Contacts:  

Howard Freedman, Finance Director, Netcentric (020 7314 6859)
Chris Barker, Noble & Company Limited (020 7367 5600)