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OEM PLC (OEM)

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Friday 21 March, 2003

OEM PLC

Interim Results

OEM PLC
21 March 2003

Interim Accounts

The last six months have been relatively quiet.  As noted in my last Chairman's
statement our client concluded the sale of its land at Stafford.  Our share of
that profit contributes the greater part of our revenues in these six months.
We continue to hold the site in Northwich.  Our view has always been that the
time to move it on was once the ground stabilisation works in the town are under
way or, indeed, completed.  This draws ever closer.  However, at present we have
no competing need for the capital and are happy with the situation.

We consider that the apparent weakening of the commercial property market,
certainly in London, may well afford buying opportunities in the coming months

As usual we do not recommend the payment of any dividend.  As ever, the outcome
for the full year is driven by the timing of the various transactions we
undertake.

Robert P.B. Noonan                                  21 March 2003


OEM plc
INTERIM RESULTS

Group profit and loss account

 Audited                                                   Unaudited            Unaudited
 year to                                                 6 months to          6 months to
 30 June                                                 31 December          31 December
    2002                                                        2002                 2001
    £000                                                        £000                 £000
   2,412         Turnover                                        467                2,345
  ------                                                      ------              -------
     434         Operating Profit                                236                  592
     160         Interest net                                     89                  (40)
  ------                                                      ------              -------
     594         Profit on ordinary activities                   323                  552
                 before taxation
    (175)        Taxation                                        (97)                (165)
  ------                                                      ------              -------
     419         Profit on ordinary activities                   226                  387
                 after taxation
       -         Dividends                                         -                    -
  ------                                                      ------              -------
                                                              
     419         Retained Profit                                 226                  387
  ------                                                      ------              -------

    5.25p        Earnings per 25p ordinary share                2.83p                4.85p


Notes
       1   The interim financial statements have been prepared on the basis of 
           the accounting policies set out in the Group's 2002 statutory 
           accounts.
       2   Taxation has been provided for at the effective rate estimated to be 
           charged for the full year.
       3   Basic earnings per share are calculated by dividing the profit on 
           ordinary activities after taxation by 7,985,793, being the number of 
           ordinary shares in issue throughout this half year, the prior year 
           and half year.
       4   The results for the year ended 30 June 2002 are an abridged version 
           of the Group's statutory accounts for that period which received an 
           unqualified auditors' report and have been filed with the Registrar 
           of Companies.


Summary group balance sheet

 Audited                                                  Unaudited           Unaudited
 30 June                                                31 December         31 December
    2002                                                       2002                2001
    £000                                                       £000                £000

      22   Fixed assets                                          17                  25

           Current assets
   -----                                                     ------             -------
     842   Stocks                                               842                 843
   5,678   Debtors                                            4,386               5,466
       9   Cash at bank                                       1,358                   2
   -----                                                     ------             -------
   6,529                                                      6,586               6,311
  (1,160)  Creditors - due within one year                   (1,016)             (1,027)
 -------                                                    -------             -------
   5,369   Net current assets                                 5,570               5,284
    (810)  Creditors - due after one year                      (780)             (820))
     (60)  Provisions for liabilities and charges               (60)                  -
   -----                                                     ------             -------
   4,521   Net assets                                         4,747               4,489
   -----                                                     ------             -------

   1,996   Share capital                                      1,996               1,996
     180   Share premium & other reserves                       180                 180
   2,345   Profit and loss account                            2,571               2,313
   -----                                                     ------             -------
   4,521                                                      4,747               4,489
   -----                                                     ------             -------

Summary group cash flow statement

 Audited                                                  Unaudited           Unaudited
 year to                                              six months to       six months to
 30 June                                                31 December         31 December
    2002                                                       2002                2001
    £000                                                       £000                £000
    (606)  Operating cash inflow/(outflow)                    1,427                (309)
     160   Returns on investments                                89                 (40)
      (2)  Investing activities                                   -                   -
       -   Financing activities                                   -                (220)
   -----                                                     ------             -------
    (461)  Increase / (decrease) in cash                      1,516                (569)
   -----                                                     ------             -------


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