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Web-Angel PLC (WEB)

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Friday 27 September, 2002

Web-Angel PLC

Interim Results

Web-Angel PLC
27 September 2002



                                 web-angel plc

                                Interim Results

                     For the six months ended 30 June 2002

Chairman's Statement

Introduction

As detailed in my year-end statement, our main focus has been to conserve our
cash resources, while looking to identify and agree a corporate transaction. The
Company, whilst maintaining its existing investment portfolio, has become to all
intents and purposes a cash shell.

Results

The loss for the six months ended 30 June 2002 was £365,000 compared to a loss
of £1,216,000 in the first half of last year. Overheads for the six months have
been reduced to £413,000 from £683,000 for the same period last year, with
action having been taken to reduce them further during the second half of the
year.

Our cash balances at 30 June were in line with expectations at just under £3
million having reduced by £579,000 since the year-end. Of this fall, £259,000
resulted from a further investment in Delsy Electronic Components AG, an
existing portfolio company.

Investment Portfolio

We have continued to assist and monitor our four remaining investments although
the Board has no intention to expand this portfolio.

Management

As reported at the time of the year-end results, a number of changes have been
made to the Board of Directors in order to help reduce the operational cash burn
while leaving the business in a position to be able to identify and conclude a
corporate transaction. These changes resulted in the resignation of Jens Bjaroy,
Peter Jungen and Geoff Mott during the first half of the year.

Objectives and outlook

Our objective is to protect and create shareholder value through a suitable
corporate transaction, and the Board is continuing to explore and evaluate a
number of possible opportunities.

Penny Hughes

Chairman

27 September 2002

Unaudited Group Results for the six months ended 30 June 2002

                                                          Six months           Six months                   Year
                                                               ended                ended                  ended
                                                             30 June              30 June            31 December
                                                                2002                 2001                   2001
                                                               £'000                £'000                  £'000
Turnover                                                          0                  112                    156
Cost of sales                                                     0                 (101)                  (101)
                                                        ------------         ------------           ------------
Gross Profit                                                      0                   11                     55
Administrative expenses:
Amortisation of goodwill                                          0                 (510)                (1,020)
Exceptional impairment of goodwill                                0                    0                (18,525)
Other                                                          (413)                (683)                (1,397)
                                                        ------------         ------------           ------------
Operating Loss                                                 (413)              (1,182)               (20,887)
Exceptional gain on closure of
former associate                                                  0                   80                     80
Interest receivable and similar
income                                                           48                  136                    226
Amounts written off investments                                   0                 (250)                (1,414)
                                                        ------------         ------------           ------------
Loss on ordinary activities before
and after taxation                                             (365)              (1,216)               (21,995)
                                                        ------------         ------------           ------------
Loss per share                                                (0.3)p               (0.9)p                (16.9)p
                                                        ------------         ------------           ------------

Unaudited Group Balance Sheet for the six months ended 30 June 2002
                                                                              Six months                            Year
                                                                                   ended                           ended
                                                                            30 June 2002                31 December 2001
                                                                                   £'000                           £'000
Fixed assets
Tangible assets                                                                      22                              29
Investments                                                                         423                             164
                                                                            ------------                    ------------
                                                                                    445                             193
Current assets
Stocks                                                                              146                             146
Debtors                                                                              36                              99
Investments                                                                           8                              37
Cash at bank                                                                      2,931                           3,510
                                                                            ------------                    ------------
                                                                                  3,121                           3,792
Creditors: amounts falling due within one year                                     (284)                           (338)
                                                                            ------------                    ------------
Net current assets                                                                2,837                           3,454
                                                                            ------------                    ------------
Total assets less current liabilities and net
assets                                                                            3,282                           3,647
                                                                            ------------                    ------------
Capital and reserves
Called up share capital                                                           4,800                           4,800
Share premium account                                                               331                             331
Other reserves                                                                      608                             608
Profit and loss account                                                          (2,457)                         (2,092)
                                                                            ------------                    ------------
Shareholders' funds - equity                                                      3,282                           3,647
                                                                            ------------                    ------------


Notes

 1. The figures above do not constitute statutory accounts within the meaning of
    Section 240 of the Companies Act 1985. The comparative figures for the year
    ended 31 December 2001 have been extracted from the statutory accounts for
    that year, on which the auditors reported without qualification, and which
    have been filed with the Registrar of Companies.

 2. The interim results for the six months ended 30 June 2002 are unaudited and
    have been prepared in accordance with the accounting policies stated in the
    statutory accounts for the year ended 31 December 2001.

 3. The directors do not propose to recommend the payment of an interim dividend
    (2001: nil).

These interim results are available on the Company's web site www.web-angel.com.





For further information please contact:

Nick Tamblyn

Finance Director, web-angel          020 7010 8200

David Rydell/Miles Bake

Bell Pottinger Financial             020 7861 3863 / 07989 379 736


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