Interim Results

Jetcam International Holdings Ld
03 September 2003



                                    Embargoed: Not to be released until 7.00 a.m

                                                             3rd September, 2003


                     JETCAM INTERNATIONAL HOLDINGS LIMITED
                          ('Jetcam' or 'the Company')

               Interim results for the period ended 30 June 2003


Chairman's Statement I am pleased to report the results for the six month period
ended 30 June 2003. The period has seen trading continuing at levels broadly
similar to those achieved in both the six month periods of 2002, following the
steep declines experienced in both 2000 and 2001. Turnover was £1,412,000 (2002:
£1,426,000). The reported loss before tax was £27,000 (2002: loss £7,000). This
loss is struck after goodwill amortisation of £73,000; (2002: £85,000) before
amortisation, operating profit was £46,000 (2002: £31,000). The loss after
taxation for the period was also £27,000 (2002: loss £7,000) and the loss per
share was 0.11p (2002: 0.02p).


In my statement included in the accounts for 2002, I reported on the continuing
uncertain trading conditions resulting from global economic conditions, but the
levelling of sales over the last eighteen months give us some cause to hope that
the worst may now be behind us. That said, trading conditions in your company's
particular market sectors continue to be very competitive and increased numbers
of licence sales do not necessarily translate into increased revenues.


In the Report and Accounts for the year ended 31 December, 2003, the Company
included in a post balance sheet event note, details of a €3.3 million
commitment to purchase an office in Monaco. The first payment of £101,000 was
paid in early June and the second payment of £180,000 was due for payment on 30
June, 2003. The note stated that the Board had decided it was more prudent to
maintain its cash resources. Accordingly, the commitment was cancelled without
penalty and on 31 July, 2003, the Company was repaid all payments made.


In my statement I also mentioned that your directors were considering the
appropriateness of continuing admission of your company's shares on AIM.
Shareholders will have recently received a circular setting out our views on
this subject in which we announced that notice has been given to the London
Stock Exchange to cancel admission of the Company's shares from trading on AIM.
Subject to the passing of the appropriate resolution at the forthcoming Special
General Meeting of the Company, it is expected that the cancellation will become
effective at the close of business on 18th September, 2003. The company has also
announced that it will instigate a share buy back programme in conjunction with
the cancellation. The programme will now commence on AIM and continue on
ShareMark after cancellation.


If any shareholders wish to take advantage of the share buyback, they should
contact their usual stockbroker.


Your directors continue to do everything possible to contain costs and the
savings resulting from the cancellation are expected to make a contribution to
this process.


Once again I would like to thank our management and staff for their continued
dedication and support.


Your Board is not declaring an interim dividend and does not currently expect to
recommend the payment of a final dividend for the year.


J R A Townsend
Chairman

3rd September 2003




Consolidated Profit and Loss Account
Six months ended 30 June 2003

                          Note     Half year to    Half year to     Year ended
                                        30 June         30 June    31 December
                                           2003            2002           2002
                                    (Unaudited)     (Unaudited)      (Audited)
                                          £'000           £'000          £'000

Turnover                                  1,412           1,426          2,821
Cost of sales                              (46)            (81)          (115)
                                       ----------      ----------      ---------

Gross profit                              1,366           1,345          2,706
Administrative expenses                 (1,320)         (1,314)        (3,086)
                                       ----------      ----------      ---------

Operating profit/(loss)                      46              31          (380)
before goodwill
amortisation and
exceptional items
Amortisation of                            (73)            (85)          (171)
goodwill
Exceptional impairment of                     -               -        (1,878)
goodwill
Exceptional gain                              -              47              -
                                       ----------      ----------      ---------

Operating loss and loss                    (27)             (7)        (2,429)
on ordinary activities
before taxation
Taxation on loss on                           -               -             25
ordinary activities                    ----------      ----------      ---------

Loss after taxation for                    (27)             (7)        (2,404)
the financial period
Dividends paid and            2               -               -              -
proposed                               ----------      ----------      ---------

Deficit for the financial                   (27)            (7)        (2,404)
period                                 ==========      ==========      =========

Loss per ordinary share       3           (0.11p)       (0.02p)       (10.10p)
(pence)                                ==========      ==========      =========



Statement of Total Recognised Gains and Losses
For the six months ended 30 June 2003

                                   Half year to    Half year to     Year ended
                                        30 June         30 June    31 December
                                           2003            2002           2002
                                    (Unaudited)     (Unaudited)      (Audited)
                                          £'000           £'000          £'000

Loss for the period                         (27)             (7)        (2,404)
Exchange translation                        (16)            (91)           (21)
differences                            ----------      ----------      ---------

Total recognised gains and losses           (43)            (98)        (2,425)
in the period                          ==========      ==========      =========




Consolidated Balance Sheet
As at 30 June 2003

                                           As at          As at          As at
                                         30 June        30 June    31 December
                                            2003           2002           2002
                                     (Unaudited)    (Unaudited)      (Audited)
                            Note           £'000          £'000          £'000

Fixed assets
Intangible assets                            927          2,964          1,000
Tangible assets                              375            443            384
Investments                                    1              1              1
                                        ----------     ----------     ----------
                                           1,303          3,408          1,385
                                        ----------     ----------     ----------

Current assets
Stocks                                         4             18             14
Debtors                                      667            708            791
Other debtors                                394            254             46
Prepayments and accrued                       41             22             45
income
Cash at bank and in hand                     199            466            342
                                        ----------     ----------     ----------

                                           1,305          1,468          1,238

Creditors: amounts falling                 (400)          (274)          (372)
due within one year                     ----------     ----------     ----------

Net current assets                           905          1,194            866
                                        ----------     ----------     ----------

Total assets less current                  2,208          4,602          2,251
liabilities

Creditors: amounts falling
due after
more than one year
Provisions for liabilities                     -           (24)             -
and charges                             ----------     ----------     ----------

Net assets                                 2,208          4,578          2,251
                                        ==========     ==========     ==========

Capital and reserves
Called up share capital         4            149            149            149
Share premium account           4          4,279          4,279          4,279
Profit and loss account         4         (2,220)           150         (2,177)
                                        ----------     ----------     ----------

Equity shareholders' funds                 2,208          4,578          2,251
                                        ==========     ==========     ==========




Consolidated Cash Flow Statement
Six months ended 30 June 2003

                                   Half year to    Half year to      Year ended
                                        30 June         30 June     31 December
                                           2003            2002            2002
                                    (Unaudited)     (Unaudited)       (Audited)
                                          £'000           £'000           £'000
Cash flows from operating
activities

Operating loss                             (27)             (7)         (2,428)
Exceptional gain                              -            (47)               -
Depreciation                                 21              36              76
Amortisation of goodwill                     73              85             171
Impairment of goodwill                        -               -           1,878
Loss on disposal                              5               -              34
Exchange differences                       (16)            (91)            (19)
Decrease/(increase) in stock                 10             (3)               1
(Increase)/decrease in debtors            (220)              25             127
Increase/(decrease) in                       28             (1)              69
liabilities                            ----------      ----------     ----------

Net cash outflow from operating           (126)             (3)            (91)
activities

Taxation                                      -               -            (18)

Capital expenditure and financial
investment

Payments to acquire tangible fixed         (19)            (38)           (60)
assets

Receipts from sale of tangible                2               -              4
fixed assets                           ----------      ----------     ----------



Cash outflow before use of
liquid resources and financing
Financing                                 (143)            (41)          (165)
Issue of share capital                        -               -              -
                                       ----------      ----------     ----------

Decrease in cash during the               (143)            (41)          (165)
period
Net funds at beginning of period            342             507            507
                                       ----------      ----------     ----------

Net funds at end of period                  199             466            342
                                       ==========      ==========     ==========



Notes


1.  Results

    The six month results ended 30 June 2003 have been prepared on the
    historical cost basis. They are unaudited and do not constitute statutory
    accounts within the meaning of section 240 of the Companies Act 1985.

2.  Dividends

    The Directors are not recommending the payment of an interim dividend for
    the six months ended 30 June, 2003 (30 June, 2002: Nil)

3.  Loss per share

    The calculation of the basic loss per share is based on the loss on ordinary
    activities after taxation on the weighted average number of ordinary shares 
    in issue during the period.

Reconciliation of the result and weighted average number of shares are set out
below:

                            Result after            Weighted              Loss
                                Taxation      average number         per share
                                  £'000            of shares             Pence
                                                                                  
30 June 2003
Basic loss per share                (27)          23,801,785           (0.11)p
                               ==========          =========         =========
30 June 2002
Basic loss per share                 (7)          23,019,986           (0.02)p
                               ==========           ==========       =========


4.  Reserves

                                          Called up    Contributed    Reserves
                                      Share capital        surplus       £'000
                                              £'000          £'000

At 1 January 2003                               149          4,279      (2,177)
Retained loss for the period                      -              -         (27)
Currency translation difference                   -              -         (16)
                                          -----------     ----------   ---------
At 30 June 2003                                 149          4,279      (2,220)
                                          ===========     ==========   =========



5.  Copies of this report are to be sent to all shareholders and are
    available from Cornhill Secretaries Limited, 1 Snow Hill, London EC1A 2EN.



Enquiries

JETCAM International Holdings Limited
John Wright                                       Tel: [phone]

John East & Partners Limited
John East                                         Tel: [phone]



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