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Osprey Comms. (OSPY)

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Wednesday 31 January, 2001

Osprey Comms.

Interim Results

Osprey Communications PLC
31 January 2001

                          Osprey Communications plc

           Interim Results for the Six Months to 30 September 2000





Chairman's Statement

The results for the first six months ended 30th September 2000 show an overall
retained profit of £528,000. However the main element consists of profits of £
1.25million from the disposals of businesses which generated losses in the
period of £688,000.

During this period the continuing operations made a healthy operating profit
of £274,000 before head office costs of £233,000.

Since the period end, we have completed the restructuring and have
successfully raised £1.35million (before expenses). This has enabled us to
stabilise the position of the Group and to be in a position to seek new
opportunities.

Osprey RMA Limited has traded particularly well and is exceeding our
expectations. The sale of Osprey Advertising Scotland Limited did not
transpire. However I am pleased to report that its performance is improving
and was profitable in the period.

I am pleased to report that Stephen Barclay, Executive Vice Chairman of
Seymour Pierce Group Plc has now joined the Board of Osprey as non-executive
Director.



Jack Rubins

Chairman





OSPREY COMMUNICATIONS PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT

SIX MONTHS ENDED 30 SEPTEMBER 2000
                                                                       Eighteen
                                                                         months
                                                         Six months    ended 31
                                                           ended 30  March 2000
                        Six months ended 30 September     September
                                    2000                       1999
                      Continuing Discontinued     Total
                      Operations   Operations Unaudited
                       Unaudited    Unaudited             Unaudited     Audited
                Notes      £'000        £'000     £'000       £'000       £'000

Turnover                   3,112        2,451     5,563       7,755      25,374
Cost of sales              2,049        1,309     3,358       4,622      16,231

                      ----------- ------------ ------------ -----------
------------
Gross profit               1,063        1,142     2,205       3,133       9,143

Administrative             1,022        1,830     2,852       3,728      10,356
expenses
                      ------------    --------- ----------- -----------
------------
Operating         1           41        (688)     (647)       (595)     (1,213)
profit/(loss)
Profit on                      0        1,247     1,247           0           0
disposal of
business              -----------  ----------- ------------- -------------
------------
Profit on                     41          559       600       (595)     (1,213)
ordinary
activities               =======     ========
before interest
Net interest                                       (72)        (56)       (176)
payable
                                              ------------- ------------
------------
Profit on                                           528       (651)     (1,389)
ordinary
activities
before tax
Tax charge                                            0         (1)         (1)

                                              ------------ ------------
-----------
Retained profit                                     528       (652)     (1,390)
/(loss) for the
period                                          =======     =======     =======
Basic earnings/   3                               1.76p     (2.17p)     (4.62p)
(loss) per
share
Adjusted (loss)   3                             (2.39p)     (2.17p)     (4.62p)
per share



OSPREY COMMUNICATIONS PLC

CONSOLIDATED BALANCE SHEET
                                        As at 30         As at 30      As at 31
                                  September 2000   September 1999    March 2000
                                       Unaudited        Unaudited       Audited

                                           £'000            £'000         £'000

Fixed assets                                 149              822           611

                                    ------------     ------------  ------------
Tangible assets

Current assets
Work in progress                              20              221           197
Debtors                                    1,125            3,158         2,455

                                    ------------     ------------  ------------
                                           1,145            3,379         2,652

                                    ------------     ------------  ------------
Creditors
Amounts falling due within one             3,192            6,325         5,688
year
                                    ------------     ------------   -----------

NET CURRENT LIABILITIES                  (2,047)          (2,946)       (3,036)

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

Total assets less current                (1,897)          (2,124)       (2,425)
liabilities

Creditors
Amounts falling due after more                 0              (9)             0
than one year
                                     -----------    -------------   -----------
                                         (1,897)          (2,133)       (2,425)

                                         =======         ========       =======

Capital and reserves
Called up share capital                    7,516            7,516         7,516
Share premium account                        438              438           438
Shares to be issued                            0              538             0
Profit and loss account                  (9,851)         (10,625)      (10,379)

                                    ------------     ------------ --------------
                                         (1,897)          (2,133)       (2,425)

                                         =======         ========      ========



NOTES:


 1. Operating profit from continuing operations consists of an operating profit
    of £274,000 less Head office administrative expenses of £233,000

 2. The financial information in this statement does not constitute statutory
    accounts. The financial information in respect of the eighteen months 31
    March 2000 has been extracted from the statutory accounts which have been
    filed with the Registrar of Companies.

    The auditors' report on those accounts was unqualified and did not contain
    any statement under section 237 of the Companies Act 1985

 3. Earnings per share are calculated by reference to a weighted average of
    30,064,898 shares (1999 - 30,064,898 shares) in issue during the period.
    Profit on disposal of business do not relate to the profitability of the
    Group on an ongoing basis, therefore an adjusted earnings per share is
    presented as follows:

                         Six months ended  Six months ended   Eighteen months
                                                                   ended
                         30 September 2000 30 September 1999
                                                               31 March 2000
                         Earnings Earnings Earnings Earnings Earnings Earnings
                                       per               per               per
                            £'000  share -    £'000  share -    £'000  share -
                                     pence             pence             pence

Earnings/(loss) per           528    1.76p    (652)  (2.17p)  (1,390)  (4.62p)
share

Profit on disposal of       1,247    4.15p        0        0        0        0
business
                         ------------ ------------ ------------ ------------
------------ ------------
Losses excluding profit     (719)  (2.39p)    (652)  (2.17p)  (1,390)  (4.62p)
on disposal disposal and
adjusted loss per share  ------------ ------------ ------------ ------------
----------- -----------


                                                                  

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