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Osprey Comms. (OSPY)

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Thursday 20 July, 2000

Osprey Comms.

Second Interim Results etc.

Osprey Communications PLC
20 July 2000



            OSPREY COMMUNICATIONS PLC ('the Company')


The  Company  has changed its accounting  reference  date
from  30th September to 29th March and, accordingly,  its
accounting reference period is extended so as to  end  on
29th  March 2000.  In view of this extension, the Company
has   produced   second   unaudited   interim   financial
statements  for  the  twelve  month  period  ended   30th
September  1999,  copies of which are  attached  to  this
announcement   and   will  shortly   be   circulated   to
shareholders.

The  Company  is  holding its annual general  meeting  on
Friday  21st  July 2000.  Shareholders have been  advised
that,  due  to the unavailability of audited accounts  at
present, the meeting will be immediately adjourned  to  a
date later in the year.

The  above arrangements have been made in the context  of
an  overall  review  of  the financial  position  of  the
Company  and  its Group.  This review is ongoing  and  is
being conducted in conjunction with the Company's bankers
and  other advisers.  The Company expects to be able make
further announcements in this regard in the near future.

                            
       UNAUDITED SECOND INTERIM RESULTS OF OSPREY
     COMMUNICATIONS PLC FOR THE TWELVE MONTHS ENDED
        30 SEPTEMBER 1999 AND CHANGE OF YEAR END

Results

In  the twelve  months ended 30 September 1999 the  Group
has reduced its cost basis significantly.   However given
the  difficult trading conditions, losses before tax were
£957,000  (1998 - £349,000) and basic loss per share  was
3.19p  (1998 - 1.39p).  Turnover was £18,703,000 (1998  -
£24,313,000)  and  at 30 September 1999 Group  borrowings
were £1,617,000 (1998 - £1,660,000).  No interim dividend
will be paid.

Change of Accounting Reference Date

The  Board has decided to change the accounting reference
date  of  the  Group from 30 September to  29  March  and
accordingly  its accounting reference period is  extended
so as to end on 29 March 2000.  This has been agreed with
the London Stock Exchange and Companies House.

Annual General Meeting

As  required by the Companies Act 1985, the Company  will
hold its annual general meeting on Friday 21st July 2000.
Shareholders  have  been  advised  that,   due   to   the
unavailability  of  audited  accounts  at  present,   the
meeting will be immediately adjourned to a date later  in
the year.

Reorganisation

During the period under review the Group reorganised  its
London  operations and combined the activities of  Osprey
Direct Limited and Creative Sales Promotions Limited with
those  of Osprey London Limited to create a multi-skilled
operating  company capable of offering a fully integrated
service.  As a result of this reorganisation there were a
number of redundancies and other costs the total of which
amounted to £330,000.

Continuing Business

The  Group  has faced very competitive trading conditions
over  the  past twelve months, and found it  particularly
tough to win new business.  The market is polarising fast
and the major players are able to offer clients a greater
range  of  services and at a lower cost than us  in  many
cases.   The  Group consequently has had to reassess  its
offering  and  its position in the market.   Negotiations
for  the proposed reverse takeover announced earlier this
year  were  unfortunately abandoned due to the  sustained
volatility  of  the stock market and  the  board  is  now
pursuing further strategic alternatives.

Outlook

The  future  prospects for Osprey remain challenging  and
the   Group  continues  with  its  strategic  review   of
operations.    The  Board expects  to  be  able  to  make
further  announcements with regard to the future strategy
of the Group in the near future.


J Rubins
Chairman



OSPREY COMMUNICATIONS PLC                                    
                                                             
Interim results for the 12 months ended 30 September 1999
                                                             
                                     12 months      12 months
                                         ended          ended
                                  30 September   30 September
                                          1999           1998
                                   (unaudited)      (audited)
                             Note        £'000          £'000
                                                             
Turnover                                18,703         24,313
                                                             
Cost of Sales                         (12,117)       (16,333)
                                                             
Gross profit                             6,586          7,980
                                                             
Administrative Expenses                (7,433)        (8,216)
                                                             
Operating loss on ordinary               (847)          (236)
activities before interest
                                                             
Net Interest Payable                     (110)          (113)
                                                             
Loss on ordinary activities              (957)          (349)
before taxation
                                                             
Tax charge on loss on          2           (1)           (67)
ordinary activities
                                                             
                                                             
Loss for the year                        (958)          (416)
                                                             
Basic loss per share           3       (3.19)p        (1.39)p
                                                             
                                                             
The results of the Group for the year related entirely to continuing
operations within themeaning of Financial Reporting Standard No. 3.
                                                             
                                                             
A statement of total recognised gains and losses is not included as there 
are norecognised gains or losses other than those disclosed above.
                                                             

                                                             
Consolidated Balance Sheet                                   
                                                             
                                         As at          As at
                                  30 September   30 September
                                          1999           1998
                                   (unaudited)      (audited)
                                         £'000          £'000
                                                             
FIXED ASSETS                                                 
Tangible assets                            822            876
                                                             
CURRENT ASSETS                                               
Work in progress                           221            414
Debtors                                  3,158          4,085
                                         3,379          4,499
                                                             
CREDITORS                                                    
Amounts falling due within             (6,325)        (6,548)
one year
                                                             
NET CURRENT LIABILITIES                (2,946)        (2,049)
                                                             
Total assets less current              (2,124)        (1,173)
liabilities
                                                             
CREDITORS                                                    
Amounts falling due after                  (9)            (2)
more than one year
                                                             
                                       (2,133)        (1,175)
                                                             
                                                             
CAPITAL AND RESERVES                                         
Called up share capital                  7,516          7,516
Share premium account                      438            438
Shares to be issued                        538            250
Profit and loss account               (10,625)        (9,379)
                                                             
Equity shareholders' deficit           (2,133)        (1,175)
                                                   

                                                           
Summary Consolidated Cash                                  
Flow Statement
                                                           
                                     12 months    12 months
                                         ended        ended
                                  30 September           30
                                          1999    September
                                                       1998
                                   (unaudited)    (audited)
                                         £'000        £'000
                                                           
Net cash inflow from                       436          597
operating activities
                                                           
Return on investments and                (110)        (101)
servicing of finance
                                                           
Taxation                                  (68)            -
                                                           
Capital and financial                    (183)        (236)
investment
                                                           
Acquisitions                              (10)          (2)
                                                           
Financing                                  127        (361)
                                                           
Increase/(decrease) in cash                192        (103)
                                                           
Notes                                                      
(1)  The  unaudited interim financial statements do not comprise
full financial statements within the meaning of Section 240
of  the Companies Act 1985 ('Act').  Statutory accounts for
the year ended 30 September 1998 have been delivered to the
Registrar  of Companies and contained an unqualified  audit
report  under Section 235 of the Act and did not contain  a
statement under Section 237 (2) or (3) of the Act.
                                                           
(2)  Tax charge on loss on                12 months    12 months
ordinary activities                      ended        ended
                                  30 September           30
                                          1999    September
                                                       1998
                                   (unaudited)    (audited)
                                         £'000        £'000
                                                           
Under provision in previous                  1           67
years
                                                    
(3)  The  calculation of the basic loss per share is based on  a
loss  of  £958,000  (1998  -  loss  of  £416,000)  and   on 30,064,898  shares
(1998 - 30,064,898  shares)  being  the weighted average number of shares in
issue during the year. The  options  granted  over the  shares  and  the 
deferred consideration   payable  in  shares   in  respect  of   the
purchase   of  Osprey  Advertising  Scotland  Limited   are considered to be
non-dilutive.
                                                    
(4)  As  at  the date of this statement, the directors  are  not aware  of 
any significant factors in respect of Year  2000 Compliance, which have arisen
or that may arise which  will affect the activities of the business.

(5)  The  interim financial statements have been prepared on the basis  of 
the accounting policies set out in  the  Group's 1998 statutory accounts.
                                                    
(6)  Copies  of this statement will be sent to shareholders  and will be
available at the Company's registered office at 100 Union Street, Aberdeen
AB10 1QR.


                                                                                
                                                                                
 

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