Preliminary Results

Web Shareshop (Holdings) PLC
12 September 2003

For immediate release on Friday 12 September 2003



Web Shareshop (Holdings) plc ('the Company')

Chairman's statement

Results for the year ended 31 July 2003

The Board announces the Group's audited results for the year ended 31 July 2003.

Highlights

Since the interim report to 31 January 2003 was issued, the Group has made its
first very satisfactory trade investment sale to realise its first profit; also,
it has made one further investment in accordance with the business plan.  Stock
market conditions continue to be such that further profit taking has not proved
possible.

Results

The results for the twelve months to 31 July 2003 record a gross profit of
£160,419 and an operating profit of £41,471 after all expenses; net interest
payable of £47 leaves a net profit for the year before taxation of £41,424.
During the period January to July 2003, the Group sold warrants to subscribe for
ordinary shares in Hidefield plc for £159,519; these had been secured at no
cost.  As at 31 July 2003, the Group had £176,460 cash in the bank, net current
assets of £568,500 and net assets of £568,750; trading investments are included
at cost.  The mid market valuation at 31 July 2003 was £1,125,812, giving an
unrealised investment profit of £703,312.

No dividend has been proposed for the year.

The underlying net asset value per share based on the mid market quotations as
at 31 July 2003 was 5.1 pence, fully diluted; since the year end, this has
improved to stand at 7.1 pence per share on 9 September.   The previous values
were 6.4 pence at 31 January 2003 and 5.7 pence at 31 July 2002.

Investments and current activities

Having made a further investment since the balance sheet date, the trade
investment portfolio currently comprises:

                                  Activities                         Domicile             Equity held %
Beowulf Gold plc                  Gold exploration and development   England & Wales           5.79
Black Swan Resources Limited      Diamonds and gold exploration      Canada                    0.79
Franconia Minerals Exploration    North American minerals            Canada                   25.12
Hidefield plc                     North American mining & energy     England & Wales          11.18
Southern African Resources plc    High value metals & minerals       England & Wales           9.68
St Helen's Capital plc            Corporate finance advisor          England & Wales           9.69

In addition, the Group holds warrants, the terms of which permit the purchase of
new shares at a price below the current market price in Southern African
Resources.

The Group will continue to seek opportunities to underwrite small company new
issues and support pre-IPO opportunities so as to enhance Shareholder value and
to make disposals as soon as market conditions permit.

The Group's overheads have been stabilised at approximately £65,000 per annum,
exclusive of the Directors' fees and subject to increases arising from inflation
and increased activity.

The Directors have a broad strategy to make, say, six trade investments per
year, each with warrants or options attached and to expect a 100% return within
six to nine months.  Whilst there are opportunities available for profitable
trading, current resources are a limiting factor.

Funding requirement

In order to finance the Group's proposed activities, the Directors are seeking
to raise additional capital through a placing which they expect to be concluded
shortly.

The Directors continue to be most satisfied with the overall achievements to
date and look forward to reporting improved results in the years ahead.



R Bruce Rowan, Chairman & Chief Executive

10 September 2003





Consolidated profit and loss account
for the year ended 31 July 2003


                                                                       Year ended          Year ended
                                                                     31 July 2003        31 July 2002
                                                                                £                   £


Turnover                                                                  160,419                 429

Cost of sales                                                                   -                   -

Gross profit                                                              160,419                 429

Administrative expenses                                                 (119,178)           (360,456)

Operating profit/(loss) on ordinary activities                             41,471           (360,027)

Interest receivable                                                             -              10,609

Interest payable                                                             (47)                (12)

Profit/(loss) on ordinary activities before and after                      41,424           (349,430)
taxation

Retained profit/(loss) for the year                                        41,424           (349,430)


Profit/(loss) per share - basic and diluted                            0.15 pence         (1.5 pence)


There are no recognised gains or losses in either year other than the profit/(loss) for the year.

All of the operations are considered to be continuing.







Consolidated balance Sheet
As at 31 July 2003


                                                                 Year ended                   Year ended
                                                               31 July 2003                 31 July 2002
                                                                          £                            £


Fixed assets

Tangible assets                                                         250                          500

Current assets

Debtors                                               12,050                        15,393

Trading investments                                  422,500                       372,500

Cash at bank                                         176,460                       125,066

                                                     611,010                       512,959

Less:

Creditors - amounts due within one                  (42,510)                      (28,232)
year

Net current assets                                                  568,500                      484,727

Net assets                                                          568,750                      485,227


Share capital and reserves

Called-up share capital                              276,324                       262,291

Share premium account                              1,352,581                     1,324,515

Profit and loss account                          (1,484,565)                   (1,525,989)

Merger reserve                                       424,410                       424,410


Shareholders funds - equity interest                                568,750                      485,227






Company balance Sheet
As at 31 July 2003


                                                                  Year ended                  Year ended
                                                                31 July 2003                31 July 2002
                                                                           £                           £


Fixed assets

Investments                                                        1,427,573                   1,427,573

Current assets

Debtors                                              203,116                       161,017

Net current assets                                                   203,116                     161,017

Total assets less current liabilities                              1,630,689                   1,588,590


Share capital and reserves

Called-up share capital                              276,324                       262,291

Share premium account                              1,352,581                     1,324,515

Profit and loss account                                1,784                         1,784


Shareholders funds - equity interest                               1,630,689                   1,588,590





Consolidated cash flow statement
for the year ended 31 July 2003


                                                                    Year ended          Year ended
                                                                  31 July 2003        31 July 2002
                                                                             £                   £


Net cash inflow/(outflow) from operating activities                      8,212           (694,173)

Returns on investments and servicing of finance - net                    1,083              10,597
interest received

Capital expenditure and financial investments                                -              15,000

Cash inflow/(outflow) before management of liquid                        9,295           (668,576)
resources and financing

Management of liquid resources                                         115,000             585,562

Financing - issue of Ordinary share capital                             42,099             161,250

Increase/(decrease) in cash in the year                                166,394              78,236

Net funds/(debt) at the beginning of the year                           10,066            (68,170)

Net funds/(debt) at the end of the year                                176,460              10,066



The financial information set out above does not constitute statutory accounts
as defined in section 240 of the Companies Act 1985.



Copies of the report and financial statements will be available from the Company
Secretary at the registered office from Monday 29 September 2003:



123 Goldsworth Road, Woking, Surrey, GU21 1LR

email:  [e-mail]

END


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