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WAP Integrators PLC (WAP)

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Friday 28 March, 2003

WAP Integrators PLC

Interim Results

WAP Integrators PLC
28 March 2003


                              CHAIRMAN'S STATEMENT

                              WAP Integrators Plc

          Interim Statement for the six months ended 31 December 2002


The Company did not trade for the six months ended 31 December 2002 and reports
a loss before taxation of £140,645 (2001 - loss £319,857).

The Board, despite having looked at numerous opportunities, have not found a
suitable acquisition or candidate for a reversal, have now concluded that the
best way forward would be to return the remaining cash to shareholders by way of
a voluntary solvent liquidation.  Following all known expenses of the
liquidation the Board estimates that the Company will have cash of circa
£800,000 available for distribution

Accordingly the Board will shortly be sending shareholders a circular and notice
of an extraordinary general meeting setting out reasons for the liquidation and
requesting shareholders' approval.  If the liquidation is approved by
shareholders the Board will request that the Company's shares are removed from
trading on AIM.


Peter Kitson
Chairman

28 March 2003




                              WAP Integrators Plc
                      Consolidated Profit and Loss Account

                                                            Unaudited             Unaudited             Audited
                                                            half year             half year                year
                                                                ended                 ended               ended
                                                          31 December           31 December             30 June
                                                                 2002                  2001                2002
                                                                    £                     £                   £

Turnover                                                            -                 2,694               3,172

Net operating expenses
Administrative expenses                                     (162,894)             (355,837)           (789,267)

Operating loss                                              (162,894)             (353,143)           (786,095)

Interest receivable and similar income                         22,249                33,286              57,708
Interest payable                                                    -                     -               (283)

Loss ordinary activities before taxation                    (140,645)             (319,857)           (728,670)

Taxation                                                            -                     -                   -

Loss on ordinary activities after taxation                  (140,645)             (319,857)           (728,670)

Dividend                                                            -                     -                   -

Retained loss                                               (140,645)             (319,857)           (728,670)

Earnings per share                                            (0.09)p               (0.21)p             (0.49)p







                              WAP Integrators Plc
                           Consolidated Balance Sheet

                                                            Unaudited             Unaudited             Audited
                                                            half year             half year                year
                                                                ended                 ended               ended
                                                          31 December           31 December             30 June
                                                                 2002                  2001                2002
                                                                    £                     £                   £

Fixed  assets
Intangible assets                                                   -                17,119                   -
Tangible fixed assets                                             827                34,659               1,336

Current assets
Debtors                                                         7,097                61,015               9,651
Cash at bank and in hand                                    1,113,641             1,561,700           1,304,919

Creditors: amounts falling due within one year               (53,922)              (57,393)           (107,619)

Net Current Assets                                          1,066,816             1,565,322           1,206,951

Total assets less current liabilities                       1,067,643             1,617,100           1,208,287


Capital and Reserves
Called up share capital                                       150,000               150,000             150,000
Profit and loss account                                   (1,754,526)           (1,205,069)         (1,613,882)
Share premium account                                       2,672,169             2,672,169           2,672,169

                                                            1,067,643             1,617,100           1,208,287





                              WAP Integrators Plc
                       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
2002.

The information relating to the half year ended 31 December 2002 is unaudited.

The information in respect of the year ended 30 June 2002 has been extracted
from 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              6 months                Year
                                                                   to                    to               ended
                                                          31 December           31 December             30 June
                                                                 2002                  2001                2002
                                                                    £                     £                   £

Loss for the financial period                               (140,645)             (319,857)           (728,670)

Weighted average number of ordinary shares                150,000,000           150,000,000         150,000,000


4. Dividends

The Directors do not recommend the payment of a dividend.


5. Copies of this report are available from the Company's
registered office at Memery Crystal, 31 Southampton Row, London WC1 B 5HT.


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

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