Interim Results

Netcentric Systems PLC 28 June 2006 28 June 2006 NETCENTRIC SYSTEMS PLC Interim Results for the six months ended 31 March 2006 CHAIRMAN'S STATEMENT For the six months ended 31 March 2006 At Â£32,000, the costs for the six months period to 31 March 2006 reflect the basic costs of running an AIM company. However, as we have previously announced, there were important changes to the Company during the period; Howard Crosby, the American natural resources entrepreneur, acquired 29.89% of the Company from PSG Solutions Plc (formerly London & Boston Investments Plc) and was appointed to the Board. At the same time both Emanuel Mond and Paul Hughes resigned from the Board. PSG Solutions Plc, both during and after the period under review, has reduced its holding to 9.99% from 48.94%. The Company has appointed Strand Partners Limited as its new nominated advisor and broker. The Board is satisfied that this appointment reflects the Board's intention to change the direction of the Company towards natural resources with an emphasis on energy. As previously announced, the Company is currently seeking to raise up to $500,000 for working capital and investment purposes by way of a placing with selected private investors at 2 US cents (approximately 1.125 pence) per share. To date, over $400,000 has been received in subscriptions for new shares. The Directors are actively evaluating a potential transaction at the present time and remain confident of announcing a suitable acquisition to enhance shareholder value in due course, but in the meantime we are grateful for the continued support of our shareholders during this transition period. Stephen A Komlosy Chairman 28 June 2006 PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 MARCH 2006 Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 TURNOVER - - - Net operating expenses (32) (36) (83) ------------ ------------- ------------ OPERATING LOSS (32) (36) (83) ------------ ------------- ------------ LOSS ON ORDINARY ACTIVITIES BEFORE (32) (36) (83) INTEREST Interest receivable 2 2 6 ------------ ------------- ------------ LOSS ON ORDINARY (30) (34) (77) ACTIVITIES BEFORE TAXATION Taxation - - - ------------ ------------- ------------ LOSS ON ORDINARY (30) (34) (77) ACTIVITIES AFTER TAXATION ------------ ------------- ------------ BASIC LOSS PER SHARE (0.02)p (0.02)p (0.06)p ------------ ------------- ------------ DILUTED LOSS PER SHARE (0.02)p (0.02)p (0.06)p ------------ ------------- ------------ STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 31 MARCH 2006 Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Loss for the period (30) (34) (77) ------------- ------------ ------------- Total gains and losses (30) (34) (77) ------------- ------------ ------------- BALANCE SHEET AT 31 MARCH 2006 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 FIXED ASSETS Investments 94 - - ------------ ------------- ------------- 94 - - CURRENT ASSETS Debtors 3 131 99 Cash at bank and in hand 2 14 3 ------------ ------------- ------------- 5 145 102 CREDITORS: amounts falling due within one year (55) (28) (28) ------------ ------------- ------------- NET CURRENT ASSETS/(LIABILITIES) (50) 117 74 ------------ ------------- ------------- TOTAL ASSETS LESS CURRENT LIABILITIES 44 117 74 ------------ ------------- ------------- NET ASSETS 44 117 74 ------------ ------------- ------------- Represented by: CAPITAL AND RESERVES Called up share capital 699 699 699 Reserves (655) (582) (625) ------------ ------------- ------------- SHAREHOLDERS' FUNDS 44 117 74 ------------ ------------- ------------- CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2006 Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 ------------- --------------- ------------- NET CASH OUTFLOW FROM (3) (150) (165) OPERATING ACTIVITIES ------------- --------------- ------------- RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Bank interest received 2 2 6 ------------- --------------- ------------- DECREASE IN CASH FOR THE (1) (148) (159) PERIOD ------------- --------------- ------------- NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2006 (i) RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Operating loss (32) (36) (83) Decrease/ (increase) in debtors 2 (92) (61) Increase/(decrease) in creditors 27 (22) (21) ------------ -------------- -------------- Net cash outflow from operating (3) (150) (165) activities ------------ -------------- -------------- (ii) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Decrease in cash in period (1) (148) (159) Opening net funds 3 162 162 ------------ -------------- -------------- Closing net funds 2 14 3 ------------ -------------- -------------- (iii) ANALYSIS OF NET FUNDS At 31 March At 31 March At 30 September 2006 2005 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Cash at bank 2 14 3 ------------ -------------- -------------- NOTES TO THE INTERIM ACCOUNTS FOR THE SIX MONTHS ENDED 31 MARCH 2006 1. Financial information The financial information provided for the six months to 31 March 2006 has been prepared using consistent accounting policies as used in the preparation and filing of the statutory accounts for the year ended 30 September 2005. The financial information set out here does not constitute statutory accounts as defined by Section 240 of the Companies Act 1985. 2. Audit review These interim results have not been subject to a full review by our company auditors, in accordance with our normal procedures. 3. Reserves Share Profit and loss Total premium account Â£'000 Â£'000 Â£'000 Year ended 30 September 2005 At 1 October 2004 50 (598) (548) Loss for period - (77) (77) ------------ ----------- ----------- At 30 September 2005 50 (675) (625) ------------ ----------- ----------- Share Profit and loss Total premium account Â£'000 Â£'000 Â£'000 Year ended 31 March 2005 At 1 October 2004 50 (598) (548) Loss for period - (34) (34) ------------ ----------- ----------- At 31 March 2005 50 (632) (582) ------------ ----------- ----------- Share Profit and loss Total premium account Â£'000 Â£'000 Â£'000 Year ended 31 March 2006 At 1 October 2005 50 (675) (625) Loss for period - (30) (30) ------------ ----------- ----------- At 31 March 2006 50 (705) (655) ------------ ----------- ----------- 4. 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. Six months Six months Year ended ended ended 31 March 2006 31 March 2005 30 September 2005 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Basic loss after taxation 30 34 77 ------------ ------------ ------------ Weighted number of shares in issue 139,734,602 139,734,602 139,734,602 ------------ ------------ ------------ Signed on Behalf of Netcentric Systems PLC and authorised for release J J May Director 28th June 2006 This information is provided by RNS The company news service from the London Stock Exchange ND IR SEWFWWSMSEIM

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