Interim Results

Ninth Floor (The) PLC
26 February 2002

                Ninth Floor plc ('Ninth Floor' or 'the Company')

           Interim Results for the six months ended 30 November 2001



Chairman's Statement

Introduction

In the annual report for the year ended 31 May 2001, we affirmed our strategy to
transform the Ninth Floor into a supplier of technology based, infrastructure
services and solutions for our customers computing and security requirements.
Further significant progress has been made in the six months ended 30 November
2001, although the benefits of the Company's transformation will not be fully
apparent until the end of this calendar year.

The main changes during this financial period were the acquisition of Applied
Infrastructure Management Services (AIMS) in June, the sale of Swansea City AFC
in July and gaining 100% control of IOMM Software Limited (the development
company of e-surveillance), now known as Farsight Software.

Results and Dividends

Operating loss on continuing operations was £902,000; (2000 loss of £835,000) on
turnover of £1.649 million; (2000 £1.822 million).

This loss includes £274,518 of amortised goodwill (2000 £139,000).

No dividend is recommended.

Trading Review

Farsight Limited

The aftermath of September 11 has had a dramatic effect on many industries and
businesses. There is an increased awareness of the importance of infrastructure
and security, and many companies are allocating specific budgets for this
purpose. Farsight continues to concentrate on its core business of remote video
monitoring and security consultancy and has experienced a significant increase
in requests for independent advice and consultancy work.

Changes to the European Working Time Directive have led many traditionally
manned guarding companies to reduce manpower in favour of technology based
solutions. The result can be a combination of manned guards with remote video
monitoring - 'mantech' - but, often, complete replacement of security guards
with total technology solutions is the preferred option. Farsight is positioned
to take advantage of this new and emerging marketplace.

We have re-structured the business and made personnel changes to increase our
focus on marketing and sales in the present advantageous market conditions. We
continue to foster our relationships with product manufacturers such as Sony,
JVC, Axis and Indigo Vision on the Internet Protocol cameras and devices used
within our e-surveillance software, for which there are fast growing
opportunities.

Farsight is working with a number of major telecommunications companies
supplying them with important internet based, security applications to support
their efforts to roll out broadband networking to the corporate and SME market
place. For example, Farsight is currently bidding with BT on one of their major
accounts and providing consultancy support on others. Final testing of our open,
Wintel based digital recording software is complete and will be introduced into
the market place later this quarter.



Applied Infrastructure Management Services (AIMS)

For different reasons the aftermath of September 11 has also had a dramatic
effect on AIMS' income streams and results during the period. Financial
institutions cut back dramatically on their IT and infrastructure services
expenditure initially, which resulted in a certain level of lost business or
delays in orders in the latter part of 2001.

However, despite this setback, AIMS continue to deliver services to blue chip
companies such as Cahoot Bank, First Data Resources and have recently won a
major contract at CPP, the leading Card Protection provider, for programme
change and contact centre consultancy services.

We continue to expand the AIMS portfolio of 'productised' consultancy services
with the introduction of an aftercare offering that provides our clients with
technical support and problem management capabilities. This new initiative
enhances AIMS' revenue streams with recurring annual service contracts which
follow naturally from specific consultancy or change assignments.

The first contract of this type is being delivered for Abbey National Business
and Professional Banking. Clearly, sustainable recurring revenues over a 12
month period, reduce the risk of volatility in our traditionally short-term
consultancy market.

Our pipeline of opportunities in the early part of 2002 has at last exceeded the
pre-September 11 peaks with a number of substantial initiatives via our
strategic partnership with Answerthink Inc. the American NASDAQ quoted
consultancy company coming on stream.

Overhead Costs

Reducing overhead costs was given greater urgency by the difficult trading
conditions post-September 11 and we have made significant reductions in
overheads both within our subsidiaries and at group level. By the next financial
year, we anticipate that costs of more than £500,000 (on an annualised basis)
will have been removed in line with our ongoing transformational change.

Funding

On 13 February 2002, the Ninth Floor issued in aggregate a total of 44,095,644
new ordinary shares at 1p each to three private investors to raise £440,956. In
addition, these investors have undertaken to arrange a bank facility of £250,000
to further strengthen the Company's financial position.

Board Changes

Business re-structuring has required changes to the Board, with the departure of
Neil McClure (previously the joint Chairman/Chief Executive) in August 2001 and
Mike Creedon (previously the Group Finance Director) in January 2002. We hope to
be announcing shortly the appointment of a non-executive director to further
strengthen the Board.

Conclusion

The Company has undergone significant changes in the period ended 30 November
2001. The acquisition of AIMS and the completion of Version 1 of the Farsight
Software product suite has meant that the Company is now well positioned to
deliver products and services aligned to niche computing and security markets.
We continue to service a blue-chip customer base and have a strong pipeline of
future opportunities.

We have reduced our overhead costs substantially and we will continue to reduce
these where necessary.

We have successfully established more secure funding for the future growth of
the Company and are committed to delivering shareholder value by implementing
our stated strategy, by forming strategic partnerships and by focusing intensely
on future business growth.



Alan Wix

Chairman and Chief Executive




Consolidated Profit and Loss Account for the six months ended
30 November 2001
                                                                       Unaudited       Unaudited Six             Audited
                                                                                        Months to 30
                                                                      Six Months       November 2000             Year to

                                                                           to 30                             31 May 2001

                                                                   November 2001
                                                                          £000's              £000's              £000's
Turnover
Continuing operations                                                        307               1,822                 681
Acquisitions                                                               1,342
Discontinued operations                                                        0                   0               2,467
Total turnover                                                             1,649               1,822               3,148
Cost of Sales                                                                  0                   0                (41)

Gross Profit                                                               1,649               1,822               3,107
Net operating expenses                                                   (2,351)             (2,657)             (5,761)
Exceptional net operating expenses                                         (200)                   0               (185)

Total net operating expenses                                             (2,551)             (2,657)             (5,946)
Operating (loss)/profit
Continuing operations                                                    (1,101)               (835)             (1,713)
Acquisitions                                                                 199                   0                   0
Discontinued operations                                                        0                   0             (1,126)
Total Operating Loss                                                       (902)               (835)             (2,839)
Interest payable and similar charges                                        (27)                   0                (26)
Interest receivable                                                            0                  38                 134
(Loss) on ordinary activities before
taxation                                                                   (929)               (797)             (2,731)
Taxation                                                                       0                   0                 150
(Loss) on ordinary activities
after taxation                                                             (929)               (797)             (2,581)
(Loss) for the financial period                                            (929)               (797)             (2,581)
(Loss) per ordinary share                                                (0.92)p             (1.61)p             (5.24)p
Fully diluted earnings/(loss) per
ordinary share                                                           (0.92)p             (1.61)p             (5.24)p


Consolidated Balance Sheet as at
30 November 2001
                                                                  Unaudited Six       Unaudited Six      Audited Year to
                                                                   Months to 30        Months to 30          31 May 2001
                                                                  November 2001       November 2000
                                                                         £000's              £000's               £000's
Fixed assets
Intangible assets                                                         5,255               2,628                2,502
Tangible assets                                                             662               1,889                1,969
                                                                          5,917               4,517                4,471
Current assets
Stocks                                                                        0                  38                   18
Debtors                                                                   1,012               1,820                  558
Cash at bank and in hand                                                      0                 884                  993
                                                                          1,012               2,742                1,569
Creditors: Amounts falling due within one year                          (1,770)             (1,493)              (1,544)
Net current assets/(liabilities)                                          (758)               1,249                   25
Total assets less current liabilities                                     5,159               5,766                4,496
Creditors: Amounts falling due after more
than one year                                                             (320)                (17)                (265)
Accruals and deferred income                                                  0               (718)              (1,016)
Net assets                                                                4,839               5,031                3,215
Capital and reserves
Share capital                                                             5,483               4,939                4,919
Share premium account                                                     5,587               3,895                3,895
Capital redemption reserve                                                    -                   -                   20
Profit and Loss account - (deficit)                                     (6,231)             (3,803)              (5,619)

                                                                          4,839               5,031                3,215
Minority interests                                                            0                   0                    0
Equity shareholders' funds                                                4,839               5,031                3,215



Notes to the interim report

Basis of Preparation

The interim accounts were approved by the Board of Directors on 26 February
2002, and are neither audited nor reviewed by the auditors. They do not
constitute statutory accounts, but have been prepared on the basis of the
accounting policies set out in the annual report and accounts for the year ended
31 May 2001. Information in respect of the year ended 31 May 2001 is derived
from the Group's statutory accounts for the year which have been delivered to
the Registrar of Companies.

Earnings/(loss) per ordinary share

The calculation of basic loss per share is based on a loss of £(929,817)
(November 2000; loss of £(797,000); May 2001: loss of £(2,581,000) and a
weighted average number of shares of 100,653,762; (November 2000: 49,387,619);
May 2001: 49,218,056).

For diluted loss per share, the weighted average number of shares in issue is
adjusted to assume conversion of the dillutive potential ordinary shares.



Copies of the interim statement are being sent to shareholders of the Company
and are also available at the Company's Registered Office.



Enquiries:
Alan Wix, Chairman and Chief Executive, The Ninth Floor plc                                             0207 643 5300
John Wade/Anna Watson, Weber Shandwick Fleet Financial                                                  020 7950 2898
Mark Percy, Seymour Pierce Limited                                                                      0207 648 8700




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