Interim Results

Netcentric Systems PLC
29 June 2004

NETCENTRIC SYSTEMS PLC

CHAIRMAN'S STATEMENT

FOR THE SIX MONTHS ENDED 31 MARCH 2004

The Company recorded  a loss after tax of £64,000 in the six months ended 31st
March 2004.  These costs were essentially to keep the Company fully registered
and in compliance with Company Law and good reporting practice.

We have been looking, for sometime now, for a suitable 'reverse' acquisition or
investment for the Company and I had hoped  to have been able to advise you of
firm proposals for the new direction of the Company in the period since my last
report in December 2003 . We have had a number of abortive discussions but I am
confident I will be contacting you again soon with your Board's proposals.


PROFIT AND LOSS ACCOUNT

FOR THE SIX MONTHS ENDED 31 MARCH 2004

                                                       6 months ended 31    6 months ended       Year ended
                                                       March 2004           31 March 2003        30 September 2003
                                                       Unaudited            Unaudited            Audited
                                                       £'000                £'000                £'000


TURNOVER                                               5                    6                    11

Net operating expenses                                 (59)                 (191)                (214)

                                                       --------------       --------------       --------------
OPERATING LOSS                                         (54)                 (185)                (203)

Loss on disposal of investments                        -                    -                    (119)

Amounts written off investments                        (13)                 (104)                -
                                                       --------------       --------------       --------------
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST            (67)                 (289)                (322)

Interest income                                        3                    13                   33

                                                       --------------       --------------       --------------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION            (64)                 (276)                (289)

Taxation                                               -                    -                    -

                                                       
                                                       --------------       --------------       --------------
LOSS FOR THE YEAR                                      (64)                 (276)                (289)
                                                       --------------       --------------       --------------


LOSS PER SHARE - BASIC                                 (0.05)p              (0.20)p              (0.21)p

                                                       --------------       --------------       --------------



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE SIX MONTHS ENDED 31 MARCH 2004
                                                      6 months ended 31    6 months ended 31    Year ended
                                                      March 2004           March 2003           30 September 2003
                                                      Unaudited            Unaudited            Audited
                                                      £'000                £'000                £'000


Loss for the financial year                           (64)                 (276)                (289)

Revaluation of investment                             (12)                 -                    12
                                                      --------------       --------------       --------------
Total gains and losses recognised in the
financial statements since the last annual
report                                                (76)                 (276)                (277)
                                                      --------------       --------------       --------------




BALANCE SHEET

AS AT 31 MARCH 2004
                                                       31 March 2004        31 March 2003        30 September 2003
                                                       Unaudited            Unaudited            Audited
                                                       £'000                £'000                £'000
FIXED ASSETS
Investments                                            17                   54                   42
                                                       ------------         ------------         ------------
                                                       17                   54                   42

CURRENT ASSETS
Debtors                                                173                  336                  26
Cash at bank                                           104                  87                   310
                                                       ------------         ------------         ------------
                                                       277                  423                  336


CREDITORS: amounts falling due within one              
year                                                   (29)                 (135)                (37)
                                                       ------------         ------------         ------------
NET CURRENT ASSETS                                     248                  288                  299
                                                       ------------         ------------         ------------

TOTAL ASSETS LESS CURRENT LIABILITIES                  265                  342                  341
                                                       
                                                       ------------         ------------         ------------
NET ASSETS                                             265                  342                  341
                                                       ------------         ------------         ------------
Represented by:

CAPITAL AND RESERVES
Called up share capital                                699                  699                  699
Reserves                                               (434)                (357)                (358)
                                                       ------------         ------------         ------------
SHAREHOLDERS' FUNDS                                    265                  342                  341
                                                       ------------         ------------         ------------


CASH FLOW STATEMENT

FOR THE PERIOD ENDED 31 MARCH 2004
                                                       6 months ended 31    6 months ended 31    Year ended
                                                       March 2004           March 2003           30 September 2003
                                                       Unaudited            Unaudited            Audited
                                                       £'000                £'000                £'000

NET CASH (OUTFLOW)/INFLOW FROM OPERATING
ACTIVITIES                                             (209)                38                   214
                                                       

RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE
Interest received                                      3                    13                   18

CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Sale of tangible fixed assets                          -                    -                    42
                                                       ----------           -----------          ----------

(DECREASE)/INCREASE IN CASH IN THE YEAR                (206)                51                   274
                                                       ----------           -----------          ----------




(a)    Reconciliation of operating loss to net cash outflow from operating
activities


                                                       6 months ended 31    6 months ended 31    Year ended
                                                       March 2004           March 2003           30 September 2003
                                                       Unaudited            Unaudited            Audited
                                                       £'000                £'000                £'000

Operating loss                                         (54)                 (185)                (203)
(Increase)/decrease in debtors                         (147)                287                  932
Decrease/(increase) in creditors                       (8)                  (64)                 (515)
                                                       ----------           ----------           -----------
Net cash (outflow)/inflow from operating
activities                                             (209)                38                   (214)
                                                       
                                                       ----------           ----------           ----------

(b)  Reconciliation of net cash flow to
movement in net funds

                                                       6 months ended 31    6 months ended 31    Year ended
                                                       March 2004           March 2003           30 September 2003
                                                       Unaudited            Unaudited            Audited
                                                       £'000                £'000                £'000

(Decrease)/increase in cash in the year                (206)                51                   274
Opening net funds at 1 October 2003                    310                  36                   36
                                                       -----------          -----------          ----------
Closing net funds at 31 March 2004                     104                  87                   310
                                                       -----------          -----------          ----------


(c)     Analysis of net funds
                                                       At 31 March          At 31 March          At 30 September
                                                       2004                 2003                 2003
                                                       Unaudited            Unaudited            Audited
                                                       £'000                £'000                £'000

Cash at bank                                           104                  87                   310
                                                       -----------          -----------          -----------



NOTES TO THE INTERIM ACCOUNTS

FINANCIAL INFORMATION

The interim financial information has been prepared on the basis of the
accounting policies as set out in the Statutory Financial Statements for the
year ended 30 September 2003.  The financial information set out herein does not
constitute statutory accounts.



AUDIT REVIEW

These interim results have not been subject to a full review by our company
auditors which is in accordance with our normal interim procedures.



RESERVES


                                                                Capital                   Profit
                                    Share         Merger        redemption    Revaluation and loss
                                    premium       reserve       reserve       reserve     account     Total
Year ended 30 September 2003        £'000         £'000         £'000         £'000       £'000       £'000


At 1 October 2002                   333           4             279           -           (13,179)    (12,563)
Loss for the period                 -             -             -             -           (289)       (289)
Capital reorganisation              (283)         -             (279)         -           13,044      12,482
Revaluation of investment           -             -             -             12          -           12
Transfer of merger reserve          -             (4)           -             -           4           -
                                    ------------  ------------  ------------  ----------- ----------- ----------
At 30 September 2003                50            -             -             12          (420)       (358)
                                    ------------  ------------  -----------   ----------- ----------- ----------


                                                                Capital                   Profit
                                    Share         Merger        redemption    Revaluation and loss
                                    premium       reserve       reserve       reserve     account     Total
Period ended 31 March 2003          £'000         £'000         £'000         £'000       £'000       £'000

At 1 October 2002                   333           4             279           -           (13,179)    (12,563)
Loss for the period                 -             -             -             -           (276)       (276)
Capital reorganisation              (283)         -             (279)         -           13,044      12,482
Transfer of merger reserve          -             (4)           -             -           4           -
                                    ------------  ------------  ------------  ----------- ----------- ----------
At 31 March 2003                    50            -             -             -           (407)       (357)
                                    ------------  ------------  -----------   ----------- ----------- ----------


                                                                Capital                   Profit
                                    Share         Merger        redemption    Revaluation and loss
                                    premium       reserve       reserve       reserve     account     Total
Period ended 31 March 2004          £'000         £'000         £'000         £'000       £'000       £'000


At 1 October 2003                   50            -             -             12          (420)       (358)
Loss for the period                 -             -             -             -           (64)        (64)
Reduction in valuation              -             -             -             (12)        -           (12)
                                    ------------  ------------  ------------  ----------- ----------- ----------
At 31 March 2004                    50            -             -             -           (484)       (434)
                                    ------------  ------------  -----------   ----------- ----------- ----------




LOSS PER SHARE

The loss per share calculations have been arrived at by reference to the
following earnings and weighted average number of shares in issue during the
period.


                                                       6 months ended 31    6 months ended 31    Year ended
                                                       March 2004           March 2003           30 September 2003
                                                       Unaudited            Unaudited            Audited

                                                       £'000                £'000                £'000

Basic loss after taxation                              64                   276                  289
                                                       --------------       --------------       --------------
                                                                            No.                  No.

Weighted number of shares in issue                     139,734,602          139,734,602          139,734,602
                                                       --------------       --------------       --------------




                      This information is provided by RNS
            The company news service from the London Stock Exchange