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WAP Integrators PLC (WAP)

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Thursday 28 March, 2002

WAP Integrators PLC

Interim Results

WAP Integrators PLC
28 March 2002

                              Wap Integrators plc

           Interim Results for the six months ended 31 December 2001



Chairman's Statement

The directors of your company have now ceased loss making trading activities and
have taken steps to minimise expenditure.

Since announcing that it was our intention to call an EGM to propose the return
of funds to shareholders, the directors have been approached by parties with new
proposals which may or may not result in a transaction which the Directors feel
could maximise shareholder value. The board has therefore decided to delay
calling an EGM until these opportunities have been explored.

The board will report its intentions to shareholders in due course

Profit and Loss Account
                                                               Unaudited            Unaudited              Audited

                                                         Half year ended      Half year ended           Year ended

                                                        31 December 2001     31 December 2000         30 June 2001

                                                                       £                    £                    £
Turnover                                                           2,694                    -                   30
Net operating expenses                                         (355,837)            (366,216)            (902,453)

Administrative expenses
                                                       -----------------    -----------------    -----------------
Operating loss                                                 (353,143)            (366,216)            (902,423)
Interest receivable and similar income                            33,286               51,893              108,381
                                                        ----------------    -----------------     ----------------
Loss on ordinary activities before taxation                    (319,857)            (314,323)            (794,042)
Taxation                                                               -                    -                    -
Loss on ordinary activities after taxation                     (319,857)            (314,323)            (794,042)
Dividen                                                                -                    -                    -
Retained loss                                                  (319,857)            (314,323)            (794,042)
                                                             ===========          ===========           ==========
Earnings per share                                                (0.21)              (0.25)p              (0.58)p
                                                              ==========           ==========           ==========



Consolidated Balance Sheet
                                                      Unaudited Half year   Unaudited Half year   Audited Year ended
                                                        ended 31 December     ended 31 December         30 June 2001
                                                                     2001                  2000
                                                                        £                     £                    £
Fixed Assets
Intangible assets                                                  17,119                     -               17,119
Tangible fixed assets                                              34,659                23,373               36,675

Current Assets
Debtors                                                            61,015                69,492              117,242
Cash at bank and in hand                                        1,561,700             2,365,969            1,832,193

Creditors: Amounts falling due within one year                   (57,393)              (42,158)             (66,272)

Net Current Assets                                              1,565,322             2,393,303            1,883,163
                                                         ----------------      ----------------      ---------------
Total Assets Less Current Liabilities                           1,617,100             2,416,676            1,936,957
                                                               ==========            ==========            =========
Capital and Reserves
Called up share capital                                           150,000               150,000              150,000
Profit and loss account                                       (1,205,069)             (405,493)            (885,212)
Share premium account                                           2,672,169             2,672,169            2,672,169
                                                         ----------------      ----------------      ---------------
                                                                1,617,100             2,416,676            1,936,957
                                                               ==========            ==========           ==========

Notes To The Financial Statements


 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
    1985. The statements have been prepared using accounting policies and
    presentation consistent with those applied in the audited accounts for the
    year ended 30 June 2001.

    The information relating to the half year ended 31 December 2001 is
    unaudited.

    The information in respect of the year ended 30 June 2001 has been extracted
    for the audited statutory accounts of that year which have been delivered to
    the Registrar of Companies. The report of the auditors on those statutory
    accounts was unqualified.

 2. Taxation

    The tax charge for the half year is estimated on the basis of the
    anticipated tax rates applying for the full year.

 3. Earnings per share
                                                              6 months to 31       6 months to 31           Year ended
                                                               December 2001        December 2000

                                                                                                               30 June

                                                                                                                  2001

                                                                           £                    £                    £

    Loss for the financial period                                  (319,857)            (314,323)            (794,042)

    Weighted average number of ordinary shares                   150,000,000          123,791,209          136,557,415

 4. Dividends


    The Directors do not recommend the payment of a dividend.



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



                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                                           

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