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WAP Integrators PLC (WAP)

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Friday 30 March, 2001

WAP Integrators PLC

Interim Results

WAP Integrators PLC
30 March 2001

                             WAP INTEGRATORS PLC

                         INTERIM FINANCIAL STATEMENTS

                               31 DECEMBER 2000

                             CHAIRMAN'S STATEMENT

Progress to Date

Your Directors are pleased to report significant progress during the last six
months. After a review of the Company's strategy, it was decided that your
Company's agreement with Demmysportsbet should be allowed to lapse and the
group should become it's own bookmaker. I am pleased to announce that two
wholly owned bookmaking subsidiaries under the name of Sportsflutter Limited
have been set up in both Malta and the UK and the necessary gambling licences
have been obtained. Your Company will now have much greater flexibility in the
gambling products it offers to customers, both on mobile phones and the
Internet and your Board is confident that this development will substantially
enhance future profits.

Your Company has signed an agreement with BT Lumina to provide badged
'affinity phones' to specific user groups. This agreement provides your
Company with an income stream from call revenue and sign up fees, as well as
enabling your Company to deliver its gambling products and mobile services at
minimal cost to a highly targeted customer base. The first affinity deal with
Leeds United Football Club was announced earlier this year. WAP Integrators
will be providing news, SMS, gambling and other services on affinity phones to
Leeds United's fan base. The launch of this site is imminent. Your Company is
in negotiations with several other football teams and other sporting bodies
and expects to announce a number of similar deals over the coming months.

Your Company has also reached an agreement to provide news and gambling
content in association with BT at this year's Manx TT - the world renowned
motorcycle-racing event, to be held on the Isle of Man. The content will be
provided on third generation ('3G') phones and will be part of BT's first
major trial of 3G in Great Britain. Your Company is pleased to be part of this
groundbreaking development in technology.

Progress has been also made in the development of location-based services in
partnership with the University of Kent. Your Company is confident that the
software we are developing will produce significant revenue, as location-based
services are rolled out.

Cash Burn

Your Company is pleased to announce that it is incurring expenditure at a
slower rate than was originally envisaged at flotation. This is due to your
Company's tight fiscal controls and its focussed marketing strategy. At
current expenditure levels your Company has enough cash to fund its
development for another two years - considerably past the point of achieving
profitability. Revenue generation is expected to commence with the launch of
the Leeds United WAP site.

Your Board looks forward to the future with confidence.

                             WAP INTEGRATORS PLC


                               31 DECEMBER 2000


                                                                      Half year


                                                               31 December 2000

Turnover                                                                      -
Cost of sales                                                                 -
Gross profit                                                                  -
Net operating expenses
Distribution costs                                                            -
Administration expenses                                                   (366)
Other operating income                                                       52
Operating loss                                                            (314)
Interest payable                                                              -
Loss on ordinary activities after taxation                                (314)
Taxation                                                                      -
Loss on ordinary activities after taxation                                (314)
Dividends                                                                     -
Retained loss                                                             (314)
(Loss)/Earning per share                                                (0.25p)

                             WAP INTEGRATORS PLC

                          CONSOLIDATED BALANCE SHEET

                               31 DECEMBER 2000


                                                                      Half year


                                                               31 December 2000

Fixed assets
Tangible                                                                     23
Current assets
Debtors                                                                      70
Cash at hand and in bank                                                  2,366
Creditors: amounts falling due within one year                             (42)

Capital and reserves
Share capital                                                               150
Profit and loss account                                                   (405)
Share premium                                                             2,672

                             WAP INTEGRATORS PLC


                                DECEMBER 2000

 1. Basis of preparation

The consolidated interim financial statements are unaudited and do not
constitute accounts within the meaning of section 240 of the Companies Act

The financial information in this report has been prepared under the
historical cost convention. The following accounting policies have been
applied consistently.

Research and development

Expenditure on research and development is charged to the profit and loss
account as incurred, except that development expenditure incurred on an
individual project is carried forward when its future recoverability can
reasonably be regarded as assured. Any expenditure carried forward is
amortised in line with the expected future sales from the related project.


Depreciation is provided on tangible fixed assets, at rates calculated to
write off the cost, less estimated residual value, of each asset over its
estimated useful life. The annual depreciation rates used are as follows:

     Fixtures and equipment                    25% straight line basis

Deferred taxation

Deferred taxation is provided using the liability method in respect of the
taxation effect of all timing differences to the extent that the Directors
consider that a liability will crystallise in the foreseeable future.

 2. Taxation

Taxation has been estimated at the rate expected to be incurred for the full

3. (Loss)/earnings per share
                                                              6 months to
                                                              31 December

    Loss in the financial period                                 £314,323

    Weighted average number of ordinary shares                123,791,209

4. Dividends

The Directors do not recommend payment of a dividend.

5. Copies of this report are being sent to shareholders. Further copies are
available from the Company's registered office at Suite 12, The Courtyard,
Croxley Business Park, Watford, Hertfordshire WD18 8NU.


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