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WAP Integrators PLC (WAP)

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Monday 26 November, 2001

WAP Integrators PLC

Final Results

WAP Integrators PLC
26 November 2001


                             WAP INTEGRATORS PLC

               FINAL RESULTS FOR THE PERIOD ENDED 30 JUNE 2001



Directors report

The directors present their report together with the financial statements for
the period 30 June 2000 to 30 June 2001.

Principal activity

The principal activity of the group is that of the development of software and
services for use on mobile internet devices.

Incorporation and change of name

The Company was incorporated on 30 June 2000 as WAP Integrators (UK) Plc. On 1
August 2000 its name was changed to WAP Integrators Plc.

Acquisition of subsidiary

On 31 July 2000, the Company acquired the whole of the share capital of WAP
Integrators (UK) Ltd (formerly WAP Integrators Ltd) by way of a 1.2 for 1
share exchange.

Placing on the Alternative Investment Market

The Company applied to the Alternative Investment Market for the grant of
permission to deal in the whole of its issued ordinary share capital. Dealings
in the Company's shares commenced on 10 August 2001.

Business review, results and dividend

The group's first year has seen the development of the necessary technical
infrastructure to commence revenue generation from gambling activities and
other WAP based products. Contracts have been signed with several league
football clubs and other sporting communities, to offer these services to
their fans.

However, the demand for WAP-enabled mobile phones has not been as strong as
the industry predicted, and this has been exacerbated by the general downturn
in the telecoms sector as a whole. The impact on WAP Integrators Plc is that
the uptake on its WAP services has not been in accordance with the original
business plan, and is unlikely to achieve those levels forecast. It is for
this reason that the directors of the company are looking at various
opportunities for expanding its market base, including acquisition
opportunities as they arise.

The directors do not propose the payment of an ordinary dividend.



CONSOLIDATED PROFIT AND LOSS ACCOUNT

YEAR ENDED 30 JUNE 2001


                                                                   Period ended

                                                                   30 June 2001

                                                                              £
Turnover - continuing operations                                             30
Net operating expenses

Administrative expenses                                               (902,453)
Operating loss - continuing operations                                (902,423)
Interest receivable and similar income                                  108,381
Loss on ordinary activities before taxation                           (794,042)
Taxation                                                                      -
Loss on ordinary activities after taxation                            (794,042)
Dividend                                                                      -
Retained loss                                                         (794,042)

Earnings per share                                                      (0.58)p


None of the Company's activities were acquired or discontinued during the
above financial period.

There are no recognised gains and losses in the financial period other than
the profit for the period.


CONSOLIDATED BALANCE SHEET

30 JUNE 2001
                                                            30 June 2001
                                                                 £           £
Fixed Assets
Intangible assets                                                       17,119
Tangible Fixed assets                                                   36,675
                                                                        53,794
Current assets
Debtors                                                    117,242
Cash at bank and in hand                                 1,832,193
                                                         1,949,435
Creditors : amounts falling due within one year           (66,272)
Net current assets                                                   1,883,163
Total assets less current liabilities                                1,936,957
Capital and reserves
Called up share capital                                                150,000
Profit and loss account                                              (885,212)
Share Premium account                                                2,672,169
Total equity shareholders funds                                      1,936,957



CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 30 JUNE 2001
                                                             30 June 2001
                                                                 £            £
Net cash outflow from operating activities                            (976,894)
Returns on investments and servicing of finance
Interest received                                          106,581
                                                                        106,581
Taxation
Corporation tax paid                                             -
                                                                              -
Capital expenditure and financial investment
Purchase of intangible fixed assets                       (17,119)
Purchase of tangible fixed assets                         (43,963)
                                                                       (61,082)
Net cash outflow from investing activities                            (931,395)
Equity dividends paid
Dividends                                                        -
Cash outflow before financing                                         (931,395)
Financing
Issue of shares                                                       2,702,009
Increase in cash                                                      1,770,614



NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2001

1.  Dividends
                                                                   30 June 2001

                                                                              £
    Equity - ordinary/final                                                   -

2.  Earnings per share                                             30 June 2001

                                                                              £
    The calculation of earnings per share is derived as follows:
    Group loss after taxation                                         (794,042)

    Weighted average number of ordinary shares                      136,557,415

3.  Called up share capital                                             Company

                                                                   30 June 2001

                                                                              £
    Authorised
    500,000,000 ordinary equity shares of 0.1p each                     500,000

    Allotted, called up and fully paid
    150,000,000 ordinary equity shares of 0.1p each                     150,000

4.     Availability of document


    The annual report and accounts of the Company will be posted to
    shareholders in due course. Copies of the annual report and accounts we be
    available from the offices of Seymour Pierce, 29/30 Cornhill, London EC3V
    3NF for at least one month from the date of posting.




                                                                                

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