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Judicium Plc (JUD)

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Friday 29 August, 2008

Judicium Plc

Final Results


For Immediate Release

                                                                 29 August 2008

                                 JUDICIUM PLC                                  

         ANNOUNCEMENT OF AUDITED RESULTS FOR YEAR ENDED 31 MARCH 2008          

The directors of Judicium plc are pleased to announce the annual results of
Judicium Plc for the year ended 31 March 2008.

The principal activity of the Judicium plc group during the period, conducted
through its wholly owned subsidiary Judicium Consulting Ltd, was the provision
of regulatory consultancy and training services to private and public sector
organisations in the areas of employment law, health and safety, data
protection and intellectual property.

The key financial highlights for the year are as follows:

Year ended 31 March          Audited           Audited                Audited
                                                                             
                                2006              2007                   2008
                                                                             
Turnover                     698,267           882,359              1,400,671
                                                                             
Operating profit/(loss)     (11,454)         (105,164)                104,441
                                                                             
Cost of listing on PLUS     (33,738)                 -                      -
                                                                             
Interest income                2,628             1,790                  3,208
                                                                             
Profit/(loss) on            (42,564)         (103,374)                107,649
ordinary activities                                                          
before taxation                                                              
                                                                             

Turnover has developed over the period as follows:

Year ended 31 March          Audited           Audited                Audited
                                                                             
                                2006              2007                   2008
                                                                             
Regulatory compliance        556,133           771,391              1,337,072
                                                                             
Legal marketing, and         142,134           110,428                 63,599
other services                                                               
                                                                             
Total turnover               778,584           882,359              1,400,671
                                                                             

In the year ended 31 March 2008 the group continued to focus on increasing
revenue derived from consultancy services both as a proportion of total revenue
and overall. This included a gradual and continuing withdrawal from the
provision of legal-marketing services (acting as broker between legal service
providers and legal consumers) and a greater focus on generating growth in
consultancy services.

As at 31 March 2008, Judicium had an order book of £1,378,000 (31 March 2007, £
970,474) for its compliance contracts showing the good growth achieved in this
area.*

*This figure is calculated on the following basis:

 1. where compliance contracts are for a fixed number of years the revenue for
    the full unexpired term of the contract is included, even though there are
    break clauses in a minority of the contracts eg a number of our contracts
    are for three years with break clauses at the end of the first and second
    years; and
   
 2. where compliance contracts are continuations of earlier contracts which
    have passed the initial term of the contract and so are not for a fixed
    term, we have included 3 months' of revenue.
   
FUTURE DEVELOPMENTS

Over the coming year, the company will continue with its strategy of developing
its consultancy business, particularly through the sale of fixed-price
long-term regulatory compliance agreements. The directors consider that despite
short-term adverse economic factors, the market for regulatory consultancy is
one which offers good growth potential and that there are currently good
prospects for consolidation amongst participants in the market.

The next 12 months is likely to see organic growth of turnover slowing down to
single figures, as the company consolidates recent growth and focuses on
acquisition opportunities. Notwithstanding this, the directors believe that
revenue from existing order book plus tight control over costs will result in
significant improvement in profitability over the coming year.

Leon de Costa

Chief Executive

27 August 2008


CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                         Notes        Audited        Audited
                                                                            
                                                         2008           2007
                                                                            
                                                           £               £
                                                                            
TURNOVER                                      1     1,400,671        882,359
                                                                            
COST OF SALES                                 2     (247,517)      (160,699)
                                                                            
                                                     ________       ________
                                                                            
GROSS PROFIT                                        1,153,154        721,660
                                                                            
Administrative expenses                       2   (1,048,713)      (826,824)
                                                                            
                                                      _______        _______
                                                                            
OPERATING PROFIT/(LOSS)                               104,441      (105,164)
                                                                            
Investment income                             3         3,208          1,790
                                                                            
                                                      _______        _______
                                                                            
                                                      107,649      (103,374)
                                                                            
Interest payable                              4             -              -
                                                                            
                                                       ______        _______
                                                                            
PROFIT/(LOSS) ON ORDINARY ACTIVITIES          5       107,649      (103,174)
BEFORE TAXATION                                                             
                                                                            
Taxation                                      7             -              -
                                                                            
                                                                            
                                                                            
PROFIT/(LOSS) ON ORDINARY ACTIVITIES         15       107,649      (103,174)
AFTER TAXATION                                                              
                                                                            
                                                                            
                                                                            
Earnings/(loss) per share                    17         5.45p        (5.23)p
                                                                            

The operating profit/(loss) for the year arises from the group's continuing
operations.

No separate statement of Total Recognised Gains and Losses has been presented
as all such gains and losses have been dealt with in the profit and loss
account.


CONSOLIDATED BALANCE SHEET

                                      Audited        Audited       Audited           Audited
                                                                                            
                                       Group         Company         Group           Company
                                                                                            
                         Notes          2008            2008          2007              2007
                                                                                            
                                           £              £              £                 £
                                                                                            
FIXED ASSETS                                                                                
                                                                                            
Intangible fixed assets      8                             -              -                -
                                                                                            
Tangible assets              9          3,428              -          6,525                -
                                                                                            
Investments                 10              -        107,649              -                -
                                                                                            
                                      _______        _______        _______                 
                                                                                            
                                        3,428        107,649          6,525                -
                                                                                            
                                      _______        _______        _______                 
                                                                                            
CURRENT ASSETS                                                                              
                                                                                            
Debtors                     11        184,505              -        120,879                -
                                                                                            
Cash at bank and in                   192,808              -         35,488                -
hand                                                                                        
                                                                                            
                                      _______        _______        _______          _______
                                                                                            
                                      377,313              -        156,367                -
                                                                                            
                                      _______        _______        _______          _______
                                                                                            
CREDITORS: Amounts          12      (278,584)              -      (168,384)                -
falling due within one                                                                      
year                                                                                        
                                                                                            
                                      _______        _______        _______          _______
                                                                                            
NET CURRENT ASSETS                     98,729              -       (12,017)                -
                                                                                            
                                      _______        _______        _______          _______
                                                                                            
TOTAL ASSETS LESS                     102,157        107,649        (5,492)                -
CURRENT LIABILITIES                                                                         
                                                                                            
                                      _______        _______        _______          _______
                                                                                            
NET ASSETS                            102,157        107,649        (5,492)                -
                                                                                            
                                                                                            
                                                                                            
CAPITAL AND RESERVES                                                                        
                                                                                            
Called up share capital     13        197,597        197,597        197,597          197,597
                                                                                            
Merger reserve              14       (95,440)                     (203,089)                 
                                                                                            
Profit and loss account     14                      (89,948)                       (197,597)
                                                                                            
                                      _______                                               
                                                                                            
SHAREHOLDERS' FUNDS         15        102,157        107,649       (5,492)                 -


CONSOLIDATED CASH FLOW STATEMENT

                                                            2008          2007
                                                                              
                                                               £             £
                                                                              
Net cash inflow/(outflow) from                           154,815      (48,692)
operating activities                                                          
                                                                              
Returns on Investments                                                        
                                                                              
Interest received                                          3,208         1,790
                                                                              
                                                                              
                                                                              
                                                                              
Net cash inflow from returns on                            3,208         1,790
investment                                                                    
                                                                              
Capital expenditure                                                           
                                                                              
Payments to acquire tangible and                           (703)       (6,860)
intangible fixed assets                                                       
                                                                              
                                                                              
                                                                              
                                                                              
Net cash outflow for capital                               (703)       (6,860)
expenditure                                                                   
                                                                              
Financing                                                                     
                                                                              
Issue of share capital                                         -             -
                                                                              
                                                                              
                                                                              
                                                                              
Net cash inflow from financing                                 -             -
                                                                              
                                                                              
                                                                              
                                                                              
Increase/(decrease) in cash                              157,320      (53,762)
                                                                              
                                                                              
                                                                              
                                                                              
Reconciliation of operating profit to                                         
net cash inflow from operating                                                
activities                                                                    
                                                                              
                                                            2008         2007 
                                                                              
                                                               £             £
                                                                              
Operating profit/(loss)                                  104,441     (105,164)
                                                                              
Depreciation                                               3,800         3,874
                                                                              
Amortisation                                                   -           538
                                                                              
(Increase) in debtors                                   (63,626)         3,213
                                                                              
(Decrease)/Increase in creditors                         110,200        48,847
                                                                              
                                                                              
                                                                              
                                                                              
Net cash inflow/(outflow) from                           154,815      (48,692)
operating activities                                                          
                                                                              
                                                                              
                                                                              
                                                                              
Analysis of changes in net funds                                              
                                                                              
                                                At          Cash            At
                                                                              
                                             1 Apr         flows   31 Mar 2008
                                                                              
                                              2007                            
                                                                              
Net cash:                                                                     
                                                                              
Cash in hand and at bank                    35,488       157,320       192,808
                                                                              
                                                                              
                                                                              
                                                                              
Net funds                                   35,488       157,320       192,808
                                                                              
                                       _                _____           ______

 1. Earnings per share for the group is based on a profit for the period of £
    107,649 (2006/07 loss of £103,074) and 1,957,967 shares in issue. The fully
    diluted earnings per share figure are the same as the basic figure.
   
 2. The financial information set out above does not constitute the Group 's
    statutory accounts for the years ended 31 March 2007 or 31 March 2008, but
    is extracted from those accounts. Statutory accounts for 2007 have been
    delivered to the Registrar of Companies in England and Wales, and those for
    2008 will be delivered shortly. The auditors have reported on the 2008
    accounts: their report was unqualified and did not contain statements under
    section 237(2) or (3) of the companies Act 1985.
   
 3. The financial statements have been prepared under the historical cost
    convention and on the going concern basis and in accordance with United
    Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
    Standards and applicable law).
   
For more information, please contact:

Leon de Costa

Chief Executive Officer

020 7336 8403

Roland Cornish

Beaumont Cornish Limited

Tel No: 020 7628 3396

Additional information regarding the Company can be obtained from the Company's
website. The Company's website can be accessed at www.judicium.com


                                                                                                                                                                                                                       

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