Final Results

Totally PLC
8 May 2001

Embargoed until 7.00 a.m.8th May, 2001 
 
 
 
TOTALLY GROUP PLC ('Totally' or 'the Company') 
 
Results for the period ended 31st December, 2000 
 
 
Highlights 
 
Highlights for the period ended 31st December, 2000: 
 
* Revenues of £507,000 with an operating loss before exceptional items of
  £1,311,000 - in line with expectations 
 
* Exceptional costs of £1,155,000 in relation to the acquisitions of SoJewish
  and Kosheronline 
 
* Acquisition of London Jewish News - integration of businesses led to
  dramatic cost reductions 
 
* If trends continue monthly revenues could exceed overheads in the UK by the
  end of this financial year 
 
* Totally is currently in detailed discussions with other potential
  partners/targets in Israel and North America 
 
Dr Michael Sinclair, Non-Executive Chairman commented: 
 
'The year since flotation has been an exciting one for the combined Group.
The physical integration of London Jewish News, which started in earnest in
December 2000, has now been completed and as a result costs have dramatically
reduced. At the same time the Company is seeing significant revenue growth.
If these trends continue your directors are optimistic that monthly revenues
could exceed overheads in the UK by the end of this financial year. The Group
is in a strong position to move forward.' 
 
 
For Further Information please contact:- 
 
Totally plc                Tel: [phone] 
Steve Burns - Chief Executive  
 
Hansard Communications     Tel: [phone] 
Adam Reynolds/Takki Sulaiman                
 
  
 
 
Chairman's Statement  
 
I am pleased to present the first annual results for Totally Plc.  
 
This first year under review has been an eventful one for Totally,
encompassing the flotation on AIM, the launch of www.totallyjewish.com and
the acquisition of London Jewish News and www.sojewish.com. These events
marked the transformation of Totally into a public company focussed on
developing its media, services and products within a niche, affluent, global
community - the Jewish community. 
 
The Company's performance for the period ended 31st December 2000 has met
Board expectations. Turnover for the period was £507,000 with an operating
loss before exceptional items of £1,311,000. In addition, exceptional costs
of £1,155,000 were incurred in relation to the write-off of goodwill arising
on the acquisitions of SoJewish and Kosheronline, both of which were dormant
at the point of acquisition.  
 
The physical integration of London Jewish News, which started in earnest in
December 2000, has now been completed and as a result costs have dramatically
reduced. At the same time the Company is seeing significant revenue growth.
If these trends continue your directors are optimistic that monthly revenues
could exceed overheads in the UK by the end of this financial year. 
 
In January 2001 the Company announced its investment in Virtual Jerusalem
Holdings, a joint venture company, in partnership with Bank Hapoalim B.M.,
the leading Israeli financial institution, and E-Shop Enterprises, a US based
Jewish e-commerce and Internet service provider. Virtual Jerusalem Holdings
owns the leading North American Jewish portal, www.virtualjerusalem.com. Bank
Hapoalim B.M. has provided ongoing funding for the joint venture of
$1,150,000 on a non-recourse basis to Totally beyond a charge on its shares
in Virtual Jerusalem Holdings. Since January the website has been migrated
onto Totally's generic technology platform and a team has been retained in
Israel to manage the day-to-day operations.  
 
This investment in Virtual Jerusalem Holdings represents Totally's first step
in developing its products and services in North America. Totally is
currently in detailed discussions with other potential partners in Israel and
North America. It is hoped that these discussions will lead to further
announcements regarding the Company's international development.  
 
I would like to thank my co-directors, all our staff and our advisers for
their commitment and efforts during Totally's first year as a public company.
Finally, I extend my thanks to Non-executive Directors Anthony Caplin and
Martin Gill who are stepping down after helping to establish Totally and also
to Executive Director Gary Stern who is stepping down after aiding in the
integration of London Jewish News. A new independent non-executive director
will be appointed as soon as practicable. 
 
 
Dr Michael Sinclair 
Chairman 
 
8th May, 2001 
 
 
Consolidated profit and loss account 
for the period 28th October, 1999 to 31st December, 2000 

                                                        
                                                                    Period to 
                                                               31st December, 
                                                                         2000 
                            Note                             £              £ 
  Turnover - continuing                                                       
  operations                                                                  
  Existing                                                            394,042 
  Acquisitions                                                        112,603 
                                                                              
                                                                      506,645 
  Other operating income                                 5,173                
  Other external charges                             (541,553)                
  Staff costs:                                                                
  Wages and salaries                                 (756,848)                
  Social security costs                               (65,525)                
  Depreciation and amounts                                                    
  written off tangible and                                                    
  intangible fixed assets:                                           
  Ordinary                                            (55,105) 
  Exceptional                                      (1,154,420)                  
  Other operating charges                            (404,144)                  
         
                                                                            
  Total expenses                                                  (2,972,422) 
                                                                              
  Loss on operating                                                           
  activities - continuing                                         (2,416,004) 
  operations                                                                  
  Existing                                                                    
  Acquisitions                                                       (49,773) 
                                                                              
                                                                  (2,465,777) 
                                                                              
  Interest receivable and                                              53,615 
  similar income                                                              
  Interest payable and                                                (4,285) 
  similar charges                                                             
                                                                              
  Loss on ordinary                                                (2,416,447) 
  activities before taxation                                                  
  Taxation                                                                  - 
                                                                              
  Retained loss for the                                           (2,416,447) 
  period                                                                      
                                                                              
  Loss per share before                                               (8.21)p 
  goodwill amortisation                                                       
  Loss per share - basic        6                                    (16.08)p 
 

 
Consolidated balance sheet 
at 31st December, 2000 
                                                    
                                                               31st December, 
                                                                         2000 
 
                                         Note               £               £ 
  Fixed assets                                                                
  Intangible assets - goodwill              2                       2,150,627 
  Tangible assets                           3                         111,613 
                                                                              
  Current assets                                                    2,262,240 
  Debtors                                   4          415,793                
  Cash at bank and in hand                             445,712                
                                                                              
                                                       861,505                
                                                                              
  Creditors: amounts falling                5        (670,790)                
  due within one year                                                         
                                                                              
  Net current assets                                                  190,715 
                                                                              
  Total assets less current                                         2,452,955 
  liabilities                                                                 
                                                                              
  Creditors: amounts falling                                          (8,132) 
  due after more than one year                                                
                                                                              
  Net assets                                                        2,444,823 
                                                                              
  Capital and reserves                                                        
  Called up share capital                                             278,813 
  Share premium account                                             1,545,827 
  Merger reserve                                                    3,015,530 
  Profit and loss account                                         (2,416,447) 
  Shares to be issued                                                  21,100 
                                                                              
  Shareholders' funds - equity                                      2,444,823 
  interests                                                                   
 
 
 
Consolidated cash flow statement 
for the period 28th October, 1999 to 31st December, 2000 
                                                    
                                                                    Period to 
                                                               31st December, 
                                                                         2000 
                                                             £              £ 
                                                                              
  Net cash outflow from operating activities                      (1,053,572) 
                                                                              
  Returns on investments and servicing of                                     
  finance                                                                     
  Interest received                                     53,615                
  Bank interest paid                                   (4,049)                
  Finance lease interest paid                            (236)                
                                                                              
                                                                       49,330 
                                                                              
  Net cash inflow/(outflow) from returns on                                   
  investment and servicing of finance                             (1,004,242) 
  Capital expenditure                                                         
  Purchase of tangible fixed assets                                  (93,602) 
                                                                              
  Acquisitions                                                                
  Purchase of subsidiary undertakings                               (172,523) 
                                                                              
  Cash outflow before financing                                   (1,270,367) 
                                                                              
  Financing                                                                   
  Issue of ordinary share capital                                   2,254,500 
  Capital repayments of finance leases                                (3,296) 
  Expenses paid in connection with share issues                     (563,830) 
                                                                              
  Increase in cash in the period                                      417,007 
 
 
Notes 
 
1      Accounting policies 
 
Basis of preparation 
The financial information has been prepared in accordance with applicable
accounting standards and under the historical cost accounting rules. 

2      Intangible fixed assets  
                                                              
                                                    Goodwill 
                                                           £ 
                                                             
                    Cost                                     
                    At beginning of period                 - 
                    Additions                      3,332,497 
                                                             
                    At end of period               3,332,497 
                                                             
                    Amortisation                             
                    At beginning of period                 - 
                    Charged in period                 27,450 
                    Write-offs                     1,154,420 
                                                             
                    At end of period               1,181,870 
                                                             
                    Net book value                           
                    At 31st December, 2000         2,150,627 
 
The Directors consider each acquisition separately for the purpose of
determining the amortisation period of any goodwill that arises. Goodwill has
arisen on three acquisitions during the period. That arising on
SoJewish.co.uk Limited and Kosheronline Plc has been written off on
acquisition. Goodwill on the acquisition of London Jewish News Limited is
being written off over a period of 10 years, being the Directors' estimate of
its useful life by reference to consideration of its future earnings
potential and synergistic benefits brought to the Group. 
 
3     Tangible fixed assets 

                                                                              
                              Short     Computer       Fixtures and     Total 
                          leasehold    equipment          fittings            
                           property                                           
                                  £            £                 £          £ 
  Cost                                                                        
  At beginning of                 -            -                 -          - 
  period                                                                      
  Additions                  37,379       44,550            11,673     93,602 
  On acquisitions                 -       57,451            12,033     69,484 
                                                                              
  At end of period           37,379      102,001            23,706    163,086 
                                                                              
  Depreciation                                                                
  At beginning of                 -            -                 -          - 
  period                                                                      
  Charge for period           3,115       21,933             2,607     27,655 
  On acquisitions                 -       18,356             5,462     23,818 
                                                                              
  At end of period            3,115       40,289             8,069     51,473 
                                                                              
  Net book value                                                              
  At 31st December,          34,264       61,712            15,637    111,613 
  2000                                                                        
                                                                              
Included above are assets held under finance lease contracts. The net book
value of these assets at 31st December, 2000 is £12,923 and the depreciation
charged for the period was £561. 
 
 
4     Debtors 
                                                                  
                                                  31st December, 
                                                            2000 
                                                               £ 
                                                                 
               Trade debtors                             252,328 
               Prepayments and accrued income             99,148 
               Other debtors                              64,317 
                                                                 
                                                         415,793 
 
Included in other debtors is £43,000 due after more than one year,
representing a deposit paid on 23rd March, 2000 when the leasehold was
signed. This is repayable at the end of the six-year term of the lease. 

5     Creditors: amounts falling due within one year 
                                                                     
                                                     31st December, 
                                                               2000 
                                                                  £ 
                                                                    
            Trade creditors                                 359,344 
            Bank loans and overdrafts                       112,145 
            Net obligations under finance leases              5,566 
            Other taxation and social security               33,487 
            Accruals and deferred income                    160,248 
                                                                    
                                                            670,790 
 
6     Loss per share 
The calculation of the basic loss per share is based on the loss on ordinary
activities after taxation of £2,416,447 and on 15,029,494 ordinary shares,
being the weighted average number of shares in issue during the period. 
 
7     Dividends 
     The Directors are not proposing the payment of a dividend in respect of
the period ended 31st December, 2000. 
 
8     Publication of non-statutory accounts 
     The financial information set out in this preliminary announcement does
not constitute statutory accounts as defined in Section 240 of the Companies
Act 1985. 
 
     The consolidated balance sheet at 31st December, 2000 and the
consolidated profit and loss account, consolidated cash flow statement and
associated notes for the period then ended have been extracted from the
Group's financial statements. Those financial statements have not yet been
delivered to the Registrar of Companies, nor have the auditors reported on
them. 
 
   
 
-Ends- 
    
 
 
For Further Information please contact:- 
 
Totally plc                         Tel: [phone] 
Steve Burns - Chief Executive  
 
Hansard Communications.Com Ltd      Tel: [phone] 
Adam Reynolds/Takki Sulaiman