Interim Results

Web Shareshop (Holdings) PLC
21 February 2003




                          Web Shareshop (Holdings) plc

                                 Interim report

                        Half year ended 31 January 2003

Interim report - six months ended 31 January 2003


Chairman's statement



Highlights

Since the financial statements for the year to 31 July 2002 were issued, the
Group has made one further investment in accordance with the business plan.
Stockmarket conditions have been such that it did not prove possible to realise
any part of the satisfactory investment gains made.

Results

Results for the six months to 31 January 2003 record an operating loss of
£64,614 reflecting the Group's overheads during the period.  Investment profits
will only be accounted for when realised.  The loss was offset by interest of
£734, reducing the net loss for the six months period to £63,880, that is 0.24
pence per share.  At 31 January 2003, the Group had £43,100 cash in the bank,
net current assets of £421,346 and net assets of £421,346.  Trading investments
are included in the statement at the lower of cost or market valuation.  The mid
market valuation at 31 January 2003 was £1,101,000, giving unrealised investment
profits of £698,000.

No dividends have been proposed for the period.

The underlying net asset value per share based on mid market quotations as at 31
January 2003 was 6.4 pence, fully diluted, up from 5.7 pence at 31 July 2002.

Investments and current activities

The Group has now completed the re-focus of the business into underwriting small
company new issues and pre-IPO stocks from which the Directors expect to deliver
improved Shareholder value.

The trade investment portfolio currently comprises holdings in the following:

                                   Activities                   Domicile              Equity held %

Franconia Minerals Corporation     North American minerals      Canada                25%

Hidefield plc                      North American mining &      England & Wales       16%
                                   energy

Southern African Resources plc     High value metals & minerals England & Wales       9.85%

St Helens Capital plc              Corporate finance advisor    England & Wales       9.7%



In addition, the Group holds warrants, the terms of which permit the purchase of
new shares at prices below the current market prices in Franconia, Hidefield and
Southern African Resources.

The Directors are pleased with the trade investments made, although disappointed
that the state of markets has dictated they must be held for longer than
originally envisaged.  It remains the Directors' intention to take profits as
opportunities arise, although this is not anticipated before mid 2003.

Since mid 2002, it has been the Directors' intention to seek further capital so
as to expand the Group's resources.  Given the state of markets, the original
intention to arrange a placing of 10% of the Company's shares at 5 pence per
share was deferred; a suitable opportunity has not yet presented itself.

Accordingly, the Directors are taking soundings with a view to raising up to
£100,000 at a price or prices closer to the current mid market price.  Such a
funding will provide additional working capital until the Group's trade
investment profits can be realised and further investment opportunities pursued.

The Directors are very pleased with the six month results and look forward to
reporting continuing positive news following the Group's July year end.

R Bruce Rowan

Chairman & Chief Executive

21 February 2003


Consolidated Profit & Loss Accounts

                                            Note          6 months to 31 6 months to 31        Year ended
                                                            January 2003   January 2002      31 July 2002
                                                               Unaudited      Unaudited           Audited
                                                                   £,000          £,000             £,000

Commission earned                                                      0              0                 0

Group administrative expenses
                                                                    (65)          (303)             (360)
                                                                    
Group operating loss                                                (65)          (303)             (360)


Group interest receivable                                              1              8                11


Loss on ordinary activities before taxation                         (64)          (295)             (349)


Tax on ordinary activities                                             -              -                 -


Loss on ordinary activities after taxation                          (64)          (295)             (349)


Dividends on equity shares                                             -              -                 -


Retained loss for the period                                        (64)          (295)             (349)

Loss per share

Basic and diluted                           3                     (0.24)          (1.4)             (1.5)


Consolidated Balance Sheet


                                            Note          6 months to 31 6 months to 31       Year  ended
                                                            January 2003   January 2002      31 July 2002
                                                               Unaudited      Unaudited           Audited

                                                                   £,000          £,000             £,000

Fixed assets

Intangible assets                                                      0              0                 0

Tangible assets                                                        0              1                 0

                                                                       0              1                 0


Current assets

Debtors                                                                8             16                15

Trading investments                         2                        402            112               373

Cash at bank and in hand                                              43            438               125

                                                                     453            566               513


Creditors

Amounts falling due within one year                                 (32)           (28)              (28)


Net current assets                                                   421            538               485


Total assets less current liabilities                                421            539               485


Capital and reserves

Called up share capital                                              262            262               262

Share premium account                                              1,325          1,325             1,325

Merger reserves                                                      424            424               424

Profit and loss account                                          (1,590)        (1,472)           (1,526)


Equity shareholders' funds                                           421            539               485


Reconciliation of Movement in Shareholders' Funds
                                                          6 months to 31 6 months to 31       Year  ended
                                                            January 2003   January 2002      31 July 2002
                                                               Unaudited      Unaudited           Audited

                                                                   £,000          £,000             £,000

Total recognised losses relating to the period                      (64)          (295)             (349)

Net proceeds of share issues                                           0            161               161


Increase/(decrease) in shareholders' funds                          (64)          (134)               188

Opening shareholders'  funds                                         485            673               673


Closing shareholders' funds                                          421            539               485


Interim report notes


1.      Interim report

The information relating to the six month periods to 31 January 2003 and 31
January 2002 is unaudited.

The information relating to the year ended 31 July 2002 is extracted from the
audited accounts of the Company which have been filed at Companies House and on
which the auditors issued an unqualified audit report.

2.      Basis of accounting

The report has been prepared using accounting policies that are consistent with
those adopted in the statutory accounts for the year ended 31 July 2002 by the
Group and its subsidiary undertaking, although the information does not
constitute statutory accounts within the meaning of section 240 of the Companies
Act 1985.

The consolidated financial statements have been prepared using merger
accounting.  Under merger accounting the results and cash flows are combined
from the beginning of the financial period and all comparatives are stated on
the combined basis.  These interim financial statements consolidate the
financial statements of the Company and its subsidiaries.

The Company and Group will report again for the full year to 31 July 2003.

The Group's investments at 31 January 2003 are valued at cost.

3.      Loss per share

                                                  6 months to 31  6 months to 31         Year ended
                                                    January 2003    January 2002       31 July 2002
                                                       Unaudited       Unaudited            Audited

                                                           £,000           £,000              £,000


These have been calculated on losses of                     (64)           (295)              (349)


The weighted average number of shares used was:       26,229,130      20,316,630         23,419,404

                                                      

Basic and diluted loss per share:                          0.24p            1.4p               1.5p

                                                           
Copies of this interim report are available free of charge by application in
writing to the Company Secretary at the Company's registered office, 123
Goldsworth Road, Woking, GU21 1LR, or by email to [e-mail].



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