Interim Results

Canisp PLC
23 December 2004


                     Canisp plc ('Canisp' or 'the Company')

        Interim results for the six-month period ended 30 September 2004

Chairman's statement

I am pleased to present the Company's unaudited interim results for the six
month period from 1st April to 30th September 2004.  In the period under review
the Company recorded a loss before taxation of £512,000 and a loss per share of
3.56p.  No dividend is proposed. These results reflect less than two months of
positive contribution from recent acquisitions by The Airtime Group Limited
(TAG) referred to below.

The results cover a period ending less than a year since the Company's admission
to AIM in October 2003.  In December 2003, the Company completed the acquisition
of TAG, which trades under the name World Telecom.  In September 2004 TAG
acquired the fixed line customer base and non-geographic number services of
International Telecom Brokers Limited.  The Company subsequently announced on 1
October 2004 that TAG had acquired two similar, albeit slightly smaller,
customer bases, being those of Elphinstone Communications Limited and Sports
Club Telecom Limited, both based in Scotland.  These recent acquisitions are
consistent with the Company's stated investment strategy in that they expand
TAG's customer base.

The Board recognises that the telecommunications sector in which TAG operates is
a difficult and increasingly competitive one, but Canisp's objective remains to
position TAG within the sector in such a way as to enable it to apply its assets
and skill resources to best effect.  To this end, the Board has pursued the
above initiatives and is currently investigating certain further opportunities.

The Board also has under active review a possible restructuring of TAG's other
activities, which could include a reassessment of whether it is sensible that
TAG should retain its switching equipment, which carries a high overhead, and a
possible assignment to a third party of related contracts, and a disposal of
such equipment.

The Board believes that the Company has made good progress since its AIM
admission.  Four acquisition targets have been identified and secured, and
integration of the customer bases is at an advanced stage.

The Board believes that what the Company has achieved to date, together with
further measures currently under consideration, will help the Company to move
forward toward sustainable profitability.  The Board continues to assess
opportunities to build upon these foundations.

John Leat
Chairman

22 December 2004


Consolidated summarised Profit and Loss Account
for the six-month period ended 30 September 2004


                                                              Six month              Eight month
                                                           period ended             period ended
                                                           30 September                 31 March
                                                                   2004                     2004
                                                            (Unaudited)                (Audited)
                                                                   £000                     £000
Turnover
Continuing operations                                               664                      371
Acquisitions                                                        754                       -
                                                                  1,418                      371

Operating loss
Continuing operations - excluding goodwill amortisation           (561)                    (392)
Acquisitions - excluding goodwill amortisation                      145                       -
Goodwill amortisation                                              (84)                     (26)
                                                                  (500)                    (418)

Interest and similar items                                         (12)                        9

Loss on ordinary activities before taxation                       (512)                    (409)
Taxation (note 2)                                                     -                        -
Loss on ordinary activities after taxation                        (512)                    (409)
     and retained loss

Loss per share (note 3)                                         (3.56)p                  (4.25)p



Consolidated Balance Sheet
as at 30 September 2004

                                                           30 September                 31 March
                                                                   2004                     2004
                                                            (Unaudited)                (Audited)
                                                                   £000                     £000

Fixed assets
Intangible fixed assets                                           4,837                    2,304
Tangible fixed assets                                                33                       82
                                                                  4,870                    2,386

Current assets
Debtors                                                             686                      367
Cash at bank and in hand                                            353                      137
                                                                  1,039                      504

Creditors: amounts falling due within one year                  (2,910)                  (1,243)

Net current liabilities                                         (1,871)                    (739)

Total assets less current liabilities                             2,999                    1,647

Creditors: amounts falling due after more than one year            (32)                     (63)

Net assets                                                        2,967                    1,584

Capital and reserves
Called up share capital                                             180                      125
Share premium account                                             3,708                    1,868
Profit and loss account                                           (921)                    (409)
Equity shareholders' funds                                        2,967                    1,584


Consolidated Cash Flow Statement
for the six-month period ended 30 September 2004

                                                              Six month              Eight month
                                                           period ended             period ended
                                                           30 September                 31 March
                                                                   2004                     2004
                                                            (Unaudited)                (Audited)
                                                                   £000                     £000

Net cash outflow from operating activities                        (207)                    (515)

Returns on investments and servicing of finance
Interest received                                                     2                       10
Interest paid                                                      (14)                      (1)
                                                                   (12)                        9
Acquisitions
Purchase of subsidiary undertakings                                   -                  (1,336)
Net cash acquired with subsidiary undertakings                        -                       25
Purchase of business                                            (1,394)                        -
                                                                (1,394)                  (1,311)

Net cash outflow before financing                               (1,613)                  (1,817)

Financing
Issue of shares                                                   1,912                    2,113
Share issue costs                                                  (17)                    (120)
Capital element of hire purchase contracts                         (66)                     (39)

Increase in cash                                                    216                      137



Notes to the Cash Flow Statement
for the six-month period ended 30 September 2004

                                                              Six month              Eight month
                                                           period ended             period ended
                                                           30 September                 31 March
                                                                   2004                     2004
                                                            (Unaudited)                (Audited)
                                                                   £000                     £000

Reconciliation of net cash flow to movement in net debt
Increase in cash                                                    216                      137
Cash inflow from capital element of hire purchase                    66                       39
contracts
Change in net debt resulting from cash flows                        282                      176
Hire purchase contracts
           acquired with subsidiary undertakings                      -                    (207)
Opening net debt                                                   (31)                        -
Closing net funds / (debt)                                          251                     (31)


                                                              Six month              Eight month
                                                           period ended             period ended
                                                           30 September                 31 March
                                                                   2004                     2004
                                                            (Unaudited)                (Audited)
                                                                   £000                     £000
Reconciliation of operating loss to net cash flows
     from operating activities
Operating loss                                                    (500)                    (418)
Depreciation                                                         49                       80
Amortisation of goodwill                                             84                       26
Movement in debtors                                               (319)                      (2)
Movement in creditors                                               479                    (201)

Net cash outflow from operating activities                        (207)                    (515)


Notes to the interim statement
     
1.   The interim financial information has been prepared on the basis of the
     accounting policies set out in the Report and Accounts for the Group for 
     the period ended 31 March 2004.  The interim financial information does not
     constitute statutory accounts and has been neither audited nor reviewed by 
     the Company's Auditors.  A copy of the Group's 2004 statutory accounts has 
     been filed with the Registrar of Companies; the auditors' opinion on those 
     accounts was unqualified.
     
2.   No charge to taxation arises in view of the loss for the period.
     
3.   The calculation of earnings per share is based on the result after taxation 
     and 14,391,484 ordinary shares (period ended 31 March 2004: 9,633,624)
     being the weighted average number of shares in issue during the half year.  
     The impact of share options on the loss per share is anti-dilutive.
     
4.   The Directors do not propose an interim dividend.


                      This information is provided by RNS
            The company news service from the London Stock Exchange