Interim Results

Huveaux PLC
08 August 2002

HUVEAUX PLC

Interim Results for the 6 months to 30 June 2002

CHAIRMAN'S STATEMENT

In the first six months of this year Huveaux PLC achieved its two principal
objectives for the period.

First, we made the acquisition of Vacher Dod Publishing Limited which is the
market leader in the UK and EU parliamentary and governmental directories and
reference books. The acquisition meets all the criteria set by your board:

  • It is a well established company with an excellent brand name

  • It is profitable

  • It is cash generative

  • It is in a growth market

  • It cost less than £5 million

Vacher Dod Publishing was acquired only after reviewing 41 other possible
acquisition opportunities which included visits to over 30 companies. We believe
Vacher Dod is uniquely placed to exploit the growing demand for information
about Westminster, Whitehall, The European Parliament, The Scottish Parliament
and the regional assemblies. We believe it has an excellent future.

Second, Huveaux traded at a profit in the first six months of the year. The only
source of income during the period was bank interest totalling £51,000 and costs
were kept to a minimum resulting in a pre-tax profit for the period of £21,000.
Under the circumstances this is a very satisfactory result.

The acquisition of Vacher Dod Publishing was accompanied by a £3 million placing
and consequently, Huveaux currently has £1.4 million in cash for further
acquisitions. Your Board is continuing to review a number of possibilities with
a view to making the next acquisition.

The acquisition of Vacher Dod has transformed the outlook for the profits in the
second half of 2002. Although we still have the key months of August to November
ahead of us, good forward orders are flowing in for the main publications and
the outlook is encouraging. Consequently, your Board intends to declare a first
dividend when the year end figures are announced.


John van Kuffeler

Chairman




PROFIT AND LOSS ACCOUNT

Unaudited for the half year to 30th June 2002                                                             At
                                                                                                       30th June
                                                                                                          2002
                                                                                                           £

Turnover                                                                                                      -
Cost of Sales                                                                                                 -

Gross profit / (loss)
Administrative expenses                                                                                (29,974)

Operating profiting / (loss)                                                                           (29,974)
Other interest receivable and similar income                                                             50,671

Profit before taxation                                                                                   20,697
Taxation                                                                                                  4,139

Profit after taxation                                                                                    16,558
Dividends                                                                                                     -

Retained profit for the period                                                                           16,558
Retained profit brought forward                                                                              77
Retained profit carried forward                                                                          16,635

Earnings per share                                                                                   0.16 Pence



BALANCE SHEET

Unaudited for the half year to 30th June 2002                                    At                 At
                                                                              30th June          30th June
                                                                                2002               2002
                                                                                  £                  £

Fixed assets                                                                                       2,224

Current assets
Cash at bank and in hand                                                         2,761,541
Prepayments                                                                          7,925
                                                                                 2,769,466
Creditors: amounts falling due within one year                                    (24,203)

Net current assets                                                                             2,745,263

Total assets less current liabilities                                                          2,747,487

Creditors: amounts falling due after more than one year                                                -

Provisions for liabilities and charges                                                                 -

Net assets                                                                                     2,747,487

Capital and reserves

Called up share capital                                                                        1,045,315
Share premium account                                                                          1,685,537
Profit and loss account                                                                           16,635

Equity shareholders' funds                                                                     2,747,487



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