Trading Update

Angle PLC
01 May 2007


For Immediate Release                                                1 May 2007






                                   ANGLE plc

                           ('ANGLE' or the 'Company')



                Trading Update for the year ended 30 April 2007



ANGLE plc (AIM:AGL), the intellectual property and technology commercialisation
company, today announces the following trading update for the year ended 30
April 2007 ahead of the Preliminary Results, which are expected to be announced
on 5 July 2007.



During the year, the Company significantly increased its level of investment in
expanding and developing the controlled investments portfolio. Because these
investments are made in companies in which we have a majority stake, accounting
standards determine that the expenditure on these investments is charged to the
income statement with no value recognised on the balance sheet.  A profit is
reported and the fair value of the investments is recognised on the balance
sheet when the holdings are reduced and the companies are no longer controlled.



The loss before tax for the second half is expected, largely as a result of the
above, to be c. £4.4 million, giving a loss before tax for the year of c. £9.3
million.  Some £5.9 million of this loss represents expenditure covering direct
investment in the controlled investment portfolio companies and operating costs
to establish, develop and create value in Progeny(R) companies.  The remaining
£3.4 million reflects a decrease in fair value of non-controlled investments,
share based payments, a loss on the consulting and management business and
restructuring costs.  The cash position at the year end was £2.6 million, which,
in the Board's opinion, is sufficient for the foreseeable future.



Progress across the business has generally been slower than expected and plans
to complete external funding into two of the controlled investments have been
delayed.  Profits relating to fair value gains which may arise from these events
are now expected to occur in the new financial year.



A review of the business has been undertaken with the objective of accelerating
profitability.  To achieve this, the primary focus will be on realising value
from the existing portfolio of companies, rather than on the establishment of
additional new companies.



An immediate improvement in profitability is expected to be achieved as follows:

•     investment in new Progeny(R) companies not yet established will be 
      deferred to focus efforts on the existing portfolio.  This will reduce 
      the operating loss in respect of direct investments in Progeny(R) 
      companies in the next financial year.

•     operating costs and staffing will be substantially reduced and 
      prioritised on development of the existing portfolio and realising value
      from these investments rather than on sourcing, evaluating and setting 
      up new companies.

•     the fee-for-service business will focus on the profitable Management 
      business, which has long term contracts already in place, rather than
      short term consulting work.  This will also result in significant savings 
      in staff costs.



Portfolio update



ANGLE's portfolio currently comprises eight Progeny(R) companies.  With the
exception of NeuroTargets and Provexis, these companies are all controlled
investments being majority owned by ANGLE.  After evaluation costs of £0.2
million, investment in Innomatica has ceased as it has failed to meet our
ongoing Progeny(R) investment criteria. The majority of ANGLE's residual holding
in AIM-listed Corpora plc, acquired as a result of the trade sale of our
portfolio company Exago to Corpora in 2004, was also sold in the second half for
c. £0.3 million.



During the second half, ANGLE's Progeny(R) company Acolyte Biomedica was sold to
3M Corporation.  ANGLE's share of the proceeds was an initial £0.9 million in
cash and an earn-out of up to £4.7 million receivable early in 2010.  The
initial payment delivered a 1.3x cash multiple on ANGLE's investment, which will
increase to an 8x cash multiple should the maximum earn-out be achieved.



ANGLE founded and developed Acolyte using its Progeny(R) process.  However, our
equity holding in Acolyte at exit was 11.5%, which is far less than the expected
position with our key portfolio companies established since 2004 where we
currently hold more than 4x as much equity in each company.



To date ANGLE has directly invested £5.5 million in its controlled investments
and incurred operating costs to establish, develop and create value in these
Progeny(R) companies during the timeframe of their development of a further £6.9
million. None of this investment is shown on ANGLE's balance sheet.  The Board
believes that this represents significant unrealised value in the business.



The status of the portfolio companies, all of which have been founded and
developed by ANGLE, is summarised below:

•    Aberro (65% holding) provides automated software testing products that 
     enable customers to increase the overall reliability of their software 
     while reducing both time to market and development costs.  The company
     expects to make its first significant sales in the second half positioning 
     the company to secure third party funding.  See www.aberrosoftware.com for 
     product details.

•    Geomerics (55% holding) has developed its patent protected radiosity 
     product during the year.  This provides rapid computation of light
     reflection and refraction in computer animation.  The result is greater 
     realism and dramatically improved visual quality of computer games.  A 
     demonstration can be seen on www.geomerics.com.  The radiosity product 
     was launched at the Game Developers Conference in San Francisco in March 
     and the company is now in discussions with a range of potential customers, 
     who are focused on the Sony, Microsoft and other major games platforms.

•     Kaloptics (100% holding) is commercialising technology from New York 
      University and the University of Southern California that enables
      the rapid capture and recreation of photo-realistic surface images. The
      technology has a wide range of commercial applications in high value 
      industries, including special effects, animation, computer gaming and 
      medical devices.

•     NeuroTargets (25% holding) is developing therapeutics for pain and nerve 
      injury in the areas of neuropathic and inflammatory pain.  The company is 
      operating on a low cost basis whilst options for its development are
      evaluated.

•     Novocellus (63% holding) has developed a diagnostic technology that 
      enables the selection of the most viable pre-implantation human embryos 
      for use in IVF treatment.  This has the potential to improve the success
      of IVF rates by at least a third and facilitate the move to routine single
      embryo transfer, which is an objective of regulatory authorities and 
      subject to considerable press comment at present.  Novocellus is in 
      discussions with a number of potential partners for completion of its 
      clinical trials and launch of its product in the market.

•     Parsortix (68% holding) is developing its prenatal diagnostic device 
      based on the isolation of foetal cells within maternal blood eliminating 
      the need for invasive procedures such as amniocentesis. Large scale
      validation of the product is expected by the end of the calendar year and
      thereafter it is believed that FDA approval can be secured within six 
      months enabling product launch by mid 2008.

•     Provexis (AIM:PXS) (20% holding) develops scientifically-proven functional
      and medical foods.  It has a current market capitalisation of £9.9 million
      at the mid price. During the year Provexis has expanded sales of its heart
      health drink Sirco(R) to Tesco, Waitrose, Asda and Morrisons supermarkets.  
      In April it completed a £2.1m fund raising, in which ANGLE invested 
      £0.3 million, and announced a long-term collaboration agreement with 
      Unilever plc to develop a new format of its patented Fruitflow(R)
      heart-health technology.  See www.provexis.com for more information.

•     Synature (55% holding) launched its internet personalisation products 
      during the year.  The first commercial sale of product was made to a 
      leading player in the package holidays market, who are using the
      product to make holiday recommendations to customers of their web site.  
      The product is being expanded into the fast growing social networking 
      market, which offers substantial growth at low investment.  See 
      www.synature.com for more information.




The portfolio companies continue to have strong proprietary positions offering
the potential for highly profitable products addressing major markets.  ANGLE
continues to work closely with the respective management teams that have been
put in place in each Progeny(R) company to manage the investments and minimise
any failures.  Ongoing investment in the portfolio will be controlled with third
party investors being brought into portfolio companies as appropriate to manage
risk and maximise ANGLE shareholder value.





Enquiries:
ANGLE plc                                              01483 295830
Andrew Newland, Chief Executive

Ian Griffiths, Finance Director


Buchanan Communications                                020 7466 5000
Richard Darby, Suzanne Brocks, James Strong





Notes to Editors

Founded in 1994, ANGLE is an international venture management company focusing
on the commercialisation of technology and the development of technology-based
industry. ANGLE creates, develops and advises technology businesses on its own
behalf and for its clients. ANGLE is listed on AIM (AGL.L); further information
can be found on www.ANGLEplc.com






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