Interim Results

Netcentric Systems PLC
24 June 2003


NETCENTRIC SYSTEMS PLC
24 JUNE 2003


             NETCENTRIC SYSTEMS PLC ('Netcentric' or the 'Company')

             INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003


CHAIRMAN'S STATEMENT

In my statement of 18 March 2003, reporting on the full year's accounts to 30
September 2002, I mentioned that we were in discussions with a number of parties
with a view to the reverse of a new business into the Company. These discussions
continue and I hope to make an announcement about a suitable transaction
shortly.

On 20 January 2003 in the High Court of Justice of the Isle of Man, and
following a Special Resolution passed at an Extraordinary General Meeting of the
Company, held on 22 July 2002, the capital of the Company was reduced by
£12,482,454 from £12,737,198, comprising 254,743,956 issued Deferred Shares of
4.9 pence each and 50,948,791 issued Ordinary Shares of 0.5 pence each to
£254,744 comprising the 50,948,791 issued Ordinary Shares of 0.5 pence each,
such reduction being achieved by the cancellation of the issued and un-issued

Deferred Shares of 4.9 pence each in the capital of the Company. This completed
the legal formalities of the reconstruction of the Company's share capital.

The results for the six months to 31 March 2003 show a loss of £286,000. This
includes a provision of £103,000 against the carrying value of £157,000 for the
reduction in value of the only remaining share investment held at the Balance
Sheet date.

Subsequent to the Balance Sheet in early June date the investment has been
realised for £41,681 as have the majority of debtors. The only asset of the
company now is effectively cash. The final payments to residual creditors will
now be completed.

I hope to write to you again soon to advise you of the new direction for the
Company.

STEPHEN KOML(C)?SY
24 June 2003



GROUP PROFIT AND LOSS ACCOUNT
For the six months ended 31 March 2003

                                     6 months         6 months      Year ended
                                     ended 31         ended 31    30 September
                                   March 2003       March 2002            2002 
                                    Unaudited        Unaudited         Audited
                                        £'000            £'000           £'000
TURNOVER
Continuing operations                       6               15              11
Discontinued operations                     -               17              22
                                 ------------     ------------    ------------
TOTAL TURNOVER                              6               32              33
                                 ------------     ------------    ------------

Net operating expenses                   (305)            (599)           (945)

OPERATING LOSS
Continuing operations                    (299)            (578)           (558)

Discontinued operations                     -               11            (354)
                                 ------------     ------------    ------------

TOTAL OPERATING LOSS                     (299)            (567)           (912)

Release of provision for
future losses and fixed asset
write downs
                                            -              341             341
                                 ------------     ------------    ------------
LOSS ON ORDINARY ACTIVITIES              (299)            (226)           (571)
BEFORE INTEREST

Interest income
Interest payable and similar               13                1              27
charges

                                            -              (41)            (10)
                                 ------------     ------------    ------------
LOSS ON ORDINARY ACTIVITIES               286)            (266)           (554)
BEFORE TAXATION

Taxation
                                            -                -             276
                                 ------------     ------------    ------------
LOSS FOR THE YEAR                        (286)            (266)           (278)
                                 ------------     ------------    ------------

LOSS PER SHARE - BASIC                  (0.20)p          (0.52)p         (0.44)p
                                 ------------     ------------    ------------



NOTE OF GROUP HISTORICAL COST PROFIT AND LOSSES
For the six months ended 31 March 2003


                                     6 months         6 months      Year ended
                                     ended 31         ended 31    30 September
                                   March 2003       March 2002            2002 
                                    Unaudited        Unaudited         Audited
                                        £'000            £'000           £'000

Loss on ordinary activities
before taxation                          (286)            (266)           (554)
                                         

Realisation of property
revaluation gains of previous
years                                       -               75              75
                                  -----------      -----------    ------------
Historical cost loss on
ordinary activities before
taxation                                 (286)            (191)           (479)
                                  -----------      -----------    ------------

Historical cost loss on
ordinary activities after
taxation                                 (286)            (191)           (203)
                                  -----------      -----------    ------------


GROUP BALANCE SHEET
As at 31 March 2003

                                31 March 2003    31 March 2002    30 September
                                    Unaudited        Unaudited            2002
                                                                       Audited
                                        £'000            £'000           £'000
FIXED ASSETS
Investments                                54                -             158
                                   ----------       ----------    ------------
                                           54                -             158
CURRENT ASSETS
Debtors                                   336              534             631
Cash at bank                               87              158              46
                                   ----------      -----------    ------------
                                          423              692             677

CREDITORS: amounts falling due
within one year
                                         (135)            (546)           (207)
                                   ----------      -----------    ------------
NET CURRENT ASSETS                        288              146             470
                                  -----------      -----------    ------------
TOTAL ASSETS LESS CURRENT
LIABILITIES
                                          342              146             628
                                  -----------      -----------    ------------
NET ASSETS                                342              146             628
                                  -----------      -----------     -----------
Represented by:

CAPITAL AND RESERVES
Called up share capital                   699           12,737          13,181
Reserves                                 (357)         (12,591)        (12,553)
                                  -----------      -----------    ------------
SHAREHOLDERS' FUNDS                       342              146             628
                                 ------------     ------------    ------------



GROUP CASH FLOW STATEMENT
For the period ended 31 March 2003

                                       6 months         6 months    Year ended
                                       ended 31         ended 31  30 September
                                     March 2003       March 2002          2002 
                                      Unaudited        Unaudited       Audited
                                          £'000            £'000         £'000

OPERATING ACTIVITIES
Net cash inflow/(outflow) from
continuing operating
activities                                   28             (881)         (685)
                                          
Net cash inflow/(outflow) from
discontinued operating
activities                                    -               12          (353)
                                     ----------       ----------    ----------
NET CASH INFLOW/(OUTFLOW) FROM
OPERATING ACTIVITIES                         28             (869)       (1,038)
                                             

RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE                                             
Interest received                            13                1            27
Interest paid                                 -              (41)          (10)
                                    -----------       ----------    ----------
                                             13              (40)           17

CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT

Sale of tangible fixed assets                 -            1,759         1,759
                                    -----------      -----------    ----------

NET CASH INFLOW BEFORE
FINANCING                                    41              850           738

FINANCING
Decrease in debt                              -           (1,350)       (1,350)
                                    -----------      -----------     ---------

INCREASE(DECREASE) IN CASH IN
THE YEAR
                                             41             (500)         (612)
                                    -----------      -----------    ----------


GROUP CASH FLOW STATEMENT
For the period ended 31 March 2003

(a)  Reconciliation of operating loss to net cash outflow from operating
     activities

                                     6 months         6 months      Year ended
                                     ended 31         ended 31    30 September
                                   March 2003       March 2002            2002 
                                    Unaudited        Unaudited         Audited
                                        £'000            £'000           £'000

Operating loss including
exceptional costs                        (299)            (578)           (558)
Diminution in value of                    104                -              17
investments
Decrease/(increase) in                    295              (40)            124
debtors
Decrease in creditors                     (72)            (263)           (268)
                                   ----------       ----------     -----------
NET CASH INFLOW/(OUTFLOW) FROM
CONTINUING OPERATING
ACTIVITIES                                 28             (881)           (685)

Operating profit/(loss)                     -               11            (354)
Depreciation on tangible fixed
assets                                      -                1               1
                                   ----------       ----------      ----------
NET CASH INFLOW/(OUTFLOW) FROM
DISCONTINUED OPERATING
ACTIVITIES                                  -               12            (353)
                                   ----------       ----------      ----------
NET CASH INFLOW/(OUTFLOW) FROM
OPERATING ACTIVITIES                       28             (869)         (1,038)
                                   ----------       ----------      ----------
                                                                           
     
(b)  Reconciliation of net cash flow to movement in net debt 

                                     6 months         6 months      Year ended
                                     ended 31         ended 31    30 September
                                   March 2003       March 2002            2002 
                                    Unaudited        Unaudited         Audited
                                        £'000            £'000           £'000

(Increase/decrease) in cash in
the year                                   41             (500)           (612)
                                          
Cash outflow from decrease in               -            1,271           1,271
debt
Finance leases                              -               79              79
                                  -----------       ----------      ----------
MOVEMENT IN NET FUNDS IN                   41              850             738
YEAR
Opening net funds/(net debt)
at 1 October 2002                          46             (692)           (692)
                                  -----------       ----------      ----------
Closing net funds at 31 March
2003                                       87              158              46
                                  -----------       ----------      ----------

(c) Analysis of net funds
                                  At 31 March      At 31 March           At 30 
                                         2003             2002       September    
                                    Unaudited        Unaudited            2002
                                                                       Audited
                                        £'000            £'000           £'000

Cash at bank                               87              158              46
                                  -----------      -----------     -----------


MAJOR NON-CASH TRANSACTIONS

Issue of ordinary shares

On 22 July 2002, the Company issued 63,786,092 New Ordinary 0.5p shares to
London & Boston Investments plc in exchange for the CVA debt outstanding of
£318,890.

On 24 September 2002, the Company received 175,000 Redeemable Ordinary 5p shares
in New Opportunity Investment Trust Plc in exchange for the issue of 25,000,000
New Ordinary 0.5p shares in the Group.


NOTES TO THE INTERIM ACCOUNTS

FINANCIAL INFORMATION

     The interim financial information has been prepared on the basis
of the accounting policies as set out in the Statutory Financial Statements for
the year ended 30 September 2002. The financial information set out does not
constitute statutory accounts.

AUDIT REVIEW

These interim results have not been subject to a full review by our company
auditors which is in accordance with our normal interim procedures.

RESERVES

                                Capital                      Profit
                    Share    redemption    Revaluation     and loss
                  premium       reserve        reserve      account       Total
Year ended 30       £'000         £'000          £'000        £'000       £'000
September 2002

At 1 October
2001 (as
restated)
                      283           279             75      (12,962)    (12,325)
Loss for the            -             -              -         (278)       (278)
period
Realisation on
disposal of
property
                                                   (75)          75           -
Share issue            50             -              -            -          50
                  -------    ----------    -----------    ---------    --------
At 30 September       333           279              -      (13,165)    (12,553)
2002
                  -------    ----------    -----------    ---------    --------

                                Capital                      Profit
                    Share    redemption    Revaluation     and loss
                  premium       reserve        reserve      account       Total
Period ended 31     £'000         £'000          £'000        £'000       £'000
March 2002

At 1 October          283           279             75      (12,962)    (12,325)
2001
Loss for the            -             -              -         (266)       (266)
period
Disposal in the         -             -            (75)          75           -
period
                  -------    ----------    -----------    ---------    --------
At 31 March           283           279              -      (13,153)    (12,591)
2002
                  -------    ----------    -----------    ---------    --------

                                Capital                      Profit
                    Share    redemption    Revaluation     and loss
                  premium       reserve        reserve      account       Total
Period ended 31     £'000         £'000          £'000        £'000       £'000
March 2003

At 1 October          333           279              -      (13,165)    (12,553)
2002
Loss for the            -             -              -         (286)       (286)
period
Capital              (283)            -              -       12,765      12,482
reconstruction
                  -------    ----------    -----------    ---------    --------
At 31 March            50           279              -         (686)       (357)
2003
                  -------    ----------    -----------    ---------    --------


NOTES TO THE INTERIM ACCOUNTS

LOSS PER SHARE

The loss per share calculations have been arrived at by reference to the
following earnings and weighted average number of shares in issue during the
period.

                                    6 months         6 months       Year ended
                                    ended 31         ended 31     30 September
                                  March 2003       March 2002             2002 
                                   Unaudited        Unaudited          Audited
                                       £'000            £'000            £'000
                              
Basic loss after taxation                286              266              278
                                ------------     ------------   --------------

                                         No.              No.              No.

Weighted number of shares in     139,734,600       50,948,510       63,592,418
issue
                                ------------     ------------   --------------


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