Interim Results

Hansom Group PLC
28 November 2000


THE HANSOM GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER, 2000.
 
CHAIRMAN'S STATEMENT
 
The Company's results for the six months ended 30 September, 2000 show a
turnover and loss on ordinary activities before taxation of £nil and £121,000
respectively. As at 30 September, 2000 the Company had net assets of
£3,658,000 which included £3,387,000 of cash at bank and in hand. These
results reflect the Company's status as a shell company and I am pleased to
advise shareholders that, after considering a large number of proposals, we
have today agreed terms for the acquisition of First Property Online Limited
('fprop'), a business-to-business property transaction company established to
facilitate the buying and selling of UK based commercial property.
 
The acquisition of fprop is classified as a reverse takeover and accordingly
requires the approval of shareholders at an extraordinary general meeting
convened for 21 December, 2000. Your Board believes that fprop is a company
with very significant growth potential.
 
Alasdair J. D. Locke
 
Chairman
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 September, 2000
 
                                                                              
                                                  Six months to               
                                 Six months to    30 September,               
                                 30 September,             1999     Year to 31
                              2000 (unaudited)       (restated)    March, 2000
                                         £'000      (unaudited)      (audited)
                                                          £'000          £'000
                      Notes                                                   
  Turnover                                                                    
  Discontinued        1                      -            1,625          1,625
  operations                                                                  
                                      --------         --------       --------
  Total turnover                             -            1,625          1,625
  Cost of sales                              -          (1,385)        (1,385)
                                      --------         --------       --------
  Gross profit                               -              240            240
  Net operating       2                  (216)            (252)          (361)
  costs                                                                       
                                      --------         --------       --------
  Loss on                                (216)            (121)          (230)
  continuing                                                                  
  operations                                                                  
  Profit on           1                      -              109            109
  discontinued                                                                
  operations                                                                  
  Operating loss                         (216)             (12)          (121)
                                      --------         --------       --------
  Exceptional items   3                      7            (415)             56
  profit/(loss)                                                               
  Net interest                              88               42            128
  receivable                                                                  
                                      --------         --------       --------
  Profit/(loss) on                                                            
  ordinary                               (121)            (385)             63
  activities before                                                           
  taxation                                                                    
  Taxation payable                           -                -          (292)
                                      --------         --------       --------
  Loss for the        4                  (121)            (385)          (229)
  period                                                                      
                                      --------         --------       --------
  Basic (loss) per    6                (0.30)p          (1.00)p        (0.58)p
  ordinary share                                                              
 
The Group has no recognised gains and losses other than the gains and losses
set out in the profit and loss account.
 
There is no difference between the profit/(loss) on ordinary activities
before taxation and the loss for the period and their historical cost
equivalents.
 
The Exceptional items profit/(loss), Profit/(Loss) on ordinary activities
before taxation, Loss for the period and Basic (loss) per ordinary share for
the six months to 30 September, 1999 have been restated to include the impact
of the writeback of goodwill previously written off to reserves (see notes 3
and 4).
 
 
CONSOLIDATED BALANCE SHEET
as at 30 September, 2000
                                                                              
                                                      As at 30               
                                      As at 30       September,       As at 31
                               September, 2000             1999         March,
                                   (unaudited)       (restated)           2000
                                         £'000      (unaudited)      (audited)
                                                          £'000          £'000
                      Notes                                                   
  Fixed Assets                                                                
  Investments                              238              238            238
                                      --------         --------       --------
                                           238              238            238
  Current Assets                                                              
  Debtors                                  372              525            995
  Cash at bank and                       3,387            2,701          2,773
  in hand                                                                     
                                      --------         --------       --------
                                         3,759            3,226          3,768
  Creditors:                                                                  
  amounts falling                        (339)             (62)          (338)
  due within one                                                              
  year                                                                        
                                      --------         --------       --------
  Net current assets                     3,420            3,164          3,430
                                      --------         --------       --------
  Total assets less                      3,658            3,402          3,668
  current                                                                     
  liabilities                                                                 
                                      --------         --------       --------
  Net assets                             3,658            3,402          3,668
                                         =====            =====          =====
  Capital and                                                                 
  reserves                                                                    
  Called up share          5               423              383            403
  capital                                                                     
  Share premium            5             2,911            4,784          2,820
  Profit and loss          4               324          (1,765)            445
  account                                                                     
                                      --------         --------       --------
  Equity                                 3,658            3,402          3,668
  shareholders'                                                               
  funds                                                                       
                                         =====            =====          =====
 
Of the debtors' balance at 30 September, 2000, £120,000 was due after more
than one year. (£160,000 - 30 September, 1999 and £146,000 - 31 March, 2000).
 
The balance sheet at 30 September, 1999 has been restated to allow for
consistent classification of certain assets and liabilities within net
current assets.
 
 
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 September, 2000
 
                                                                              
                                              Six months to 30                
                           Six months to 30    September, 1999                
                            September, 2000         (restated)      Year to 31
                                (unaudited)        (unaudited)          March,
                                      £'000              £'000  2000 (audited)
                                                                         £'000
  Net cash                                                                    
  (outflow)/inflow from               (207)                931             819
  operating activities                                                        
  Net interest received                  79                 42             112
                                   --------           --------        --------
  Net cash                                                                    
  (outflow)/inflow                    (128)                973             931
  before investing and                                                        
  finance                                                                     
  Net cash inflow from                                                        
  disposals of                          632                786             790
  operations                                                                  
                                   --------           --------        --------
  Net cash inflow                       504              1,759           1,721
  before financing                                                            
  Issue of shares for                   110                  -             110
  cash                                                                        
                                   --------           --------        --------
  Increase in cash in                   614              1,759           1,831
  period                                                                      
                                      =====              =====           =====
 
 
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT
 
                                                                              
                                             Six months to 30                 
                          Six months to 30    September, 1999                 
                           September, 2000         (restated)       Year to 31
                               (unaudited)        (unaudited)           March,
                                     £'000              £'000   2000 (audited)
                                                                         £'000
  Increase in                          614              1,759            1,831
  cash in the                                                                 
  period                                                                      
                                  --------           --------         --------
  Movement in net                      614              1,759            1,831
  funds in period                                                             
  Net funds at                       2,773                942              942
  beginning of                                                                
  period                                                                      
                                  --------           --------         --------
  Net funds at                       3,387              2,701            2,773
  end of period                                                               
                                     =====              =====            =====
 
The consolidated cash flow statement for the six months to 30 September, 1999
has been restated to allow for consistent classification of certain balances
between cash and debtors.
 
 

NOTES TO THE CONSOLIDATED RESULTS
 
For the six months ended 30 September, 2000
                                                                              
1.    The discontinued operations related to Datacab Limited activities. 
   
                                                 Six months to                
                               Six months to     30 September,                
                               30 September,   1999 (restated)      Year to 31
                                        2000      (unaudited)      March, 2000
                                (unaudited)                         (audited) 
                                      £'000             £'000           £'000 
2.      Net Operating                                                         
        Costs                                                                 
        
        Continuing                       216               121             230
        operations                                                            
        Discontinued                       -               131             131
        operations                                                            
                                    --------           -------          ------
                                         216               252             361
                                       =====              ====            ====

3.      Exceptional Items                                                     
        
        Profit on                                                             
        disposal of                        3             1,110           1,565
        Datacab before                                                        
        goodwill and                                                          
        corporation tax                                                       
        Profit on                                                             
        disposal of                        4                 -              16
        Richmond Road Cab                                                     
        Centre before                                                         
        goodwill                                                              
                                      ------          --------          ------
                                           7             1,110           1,581
        Goodwill written                   -           (1,525)         (1,525)
        off (Note 4)                                                          
                                      ------          --------        --------
        Profit/ (Loss) on                  7             (415)              56
        disposal of                                                           
        subsidiaries                                                          
                                        ====             =====           =====
                                                                              
        The exceptional item in the six months to 30 September, 1999 was      
        reported as £1,110,000. This has been restated above to include the   
        write back of goodwill previously written off to reserves.  
          
4.      Profit and Loss                                                       
        Account                                                               
        
        Balance brought                  455           (2,905)         (2,905)
        forward                                                               
        Loss for the                   (121)             1,140           (229)
        period as                                                             
        originally                                                            
        reported                                                              
        Restatement                        -           (1,525)               -
        Write back of                                                         
        goodwill                           -             1,525           1,525
        previously                                                            
        written off to                                                        
        reserves (Note 3)                                                     
        Amount                                                                
        transferred from                   -                 -           2,054
        share premium                                                         
        account                                                               
                                     -------          --------        --------
        Balance carried                  324           (1,765)             445
        forward                                                               
                                        ====             =====           =====
  
5.      The increase in Share Capital and Share Premium in the six months to  
        30 September, 2000 relates to the issue of 2,000,000 Ordinary Shares  
        on 26 July, 2000 at a price of 5.5p per Ordinary Share. This resulted 
        in the increase in Share Capital of £20,000 and Share Premium Account 
        of £90,000.      
                                                     
6.      The basic loss per ordinary share is calculated on the loss on        
        ordinary activities after taxation and on a weighted average number   
        of ordinary shares in issue of 41,011,168, 38,289,858 and 39,065,809  
        respectively.           
                                              
7.      The financial information contained in this interim report does not   
        constitute statutory accounts within the meaning of section 240 of    
        the Companies Act 1985. This information has neither been audited nor 
        reviewed within the meaning of APB Bulletin 1999/4 by the Company's   
        auditors. The financial statements for the year ended 31 March, 2000, 
        incorporating an unqualified report of the auditors, have been filed  
        with the Registrar of Companies.        
                              
8.      The Board of Hansom approved these interim results on 27 November,    
        2000.