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YEOMAN GRP. (YGP)

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Thursday 27 June, 2002

YEOMAN GRP.

Interim Results

Yeoman accelerates commercial exploitation of mobile navigation
Unaudited Interim Results for the half year to 31 March 2002

London,  27 June 0700: Yeoman Group plc ("the Company") announces  today
commercial  arrangements  with a number of  third  parties  to  increase
market  penetration of its mobile navigation service,  as  well  as  the
Group's unaudited Interim Results for the half year to 31 March 2002.

Highlights include:

·    Following the public launch of a fully commercial mobile navigation
service  in December 2001, early customer adoption has demonstrated  the
viability  of  the service and provided the basis for negotiations  with
third parties

·    The Company announces marketing agreements with:

*    ITIS, the telematics company
*    Caudwells, the Phones4U company
*    Hertz - full contract signed for the UK
     to provide co-branded versions of the service to their customers

·Recent  independent study of navigation systems by MVA  Consulting
 rated  the Yeoman mobile navigation system the best for business  driver use

·Detroit Telematics conference (May 2002) supports Yeoman view that
 future  in-car  navigation will be delivered  to  the  mobile  phone  by
 specialist technology companies

·Research  and development costs of £1.9 million have passed  their
 peak (2001 first half: £2.3 million).

·Losses  primarily  reflect initial launch and marketing  costs  of
 mobile navigation.

Gordon Owen, Chairman remarked:
"We  believe that we are establishing a global lead in the provision  of
mobile  navigation  and  traffic information delivered  via  the  mobile
handset.   Third  party agreements, starting with  those  that  we  have
announced  today,  will accelerate the commercial  exploitation  of  our
proven  technical  infrastructure.  We are  confident  that  Yeoman  has
positioned itself in the right place at the right time in this market."

For further information, please contact:
Yeoman Group plc
Hugh Agnew, Chief Executive Tel:  01590 679777
Charles Marshall, Finance Director Tel:  01590 679777
Vincent Geake, Executive Director Tel: 01590 679777

Brewin Dolphin Securities Limited
James Matheson Tel:  0141 221 7733

Chancery Communications
David Waller Tel:  0207 269 6940

Call  Yeoman TravelM8 (pronounced TravelMate), the world's first  mobile
navigation  service,  on  09050 50 50 50 for journey  planning,  traffic
information and turn-by-turn directions to your mobile phone
Background

The main aim of the Group is to position itself as a leading provider of
mobile navigation services. This objective is based on the Board's long-
held  view  that  the navigation and traffic services  will  largely  be
supplied  into  cars  through mobile phones accessing  information  from
central computers with extensive and continually updated data-bases.

Substantial   progress  has  been  made  towards  this  goal.   Specific
achievements include:

January 2000   announcement  of  the Group's mobile navigation  strategy
               and  commitment to the development of a mobile navigation
               demonstration system.
               
May 2000       acquisition  of  Laser-Scan for a total consideration  of
               £13.4  million to provide core technologies and  software
               resources  to  advance  the  development  of  the  mobile
               navigation system.
               
December 2000  demonstration  of a mobile navigation system,  delivering
               real-time,   detailed,  turn-by-turn   voice   navigation
               instructions through a location-enabled mobile handset.
               
March 2001     placing  and open offer raising £10.5 million to  finance
               the  continued development and implementation of a  full-
               scale commercial mobile navigation service and to fund an
               initial marketing and sales programme.
               
December 2001  public   launch   of   a  full-scale  commercial   mobile
               navigation  service throughout Great Britain,  delivering
               routing,  real-time  traffic information  and  navigation
               instructions by voice to any GSM mobile handset.

The current service, accessed through premium rate number 09050 50 50 50
on  all  networks,  provides best routing, taking into  account  traffic
conditions,  time of arrival and stored turn-by-turn instructions  which
can be accessed at any time by the user.  The user gives a journey start
and destination to a call-centre operator and the rest of the service is
delivered by computer and voice synthesis.

Yeoman  has also developed a low cost GPS unit which plugs into a mobile
telephone  hands free kit and which then transmits the phone's  location
to   the   central  server  utilising  a  proprietary  protocol.    This
automatically  defines  the journey start point and  provides  real-time
turn-by-turn navigation instructions to existing model GSM  phones  when
in such GPS hands free kit.

Current Trading

The Group's Interim Results are set out below.

Sales  decreased  in  the half-year to 31 March  2002  to  £6.5  million
against £7.8 million in the equivalent period in 2001. Marine sales were
slightly affected by economic conditions at 92% of the equivalent period
in 2001, while Laser-Scan saw weaker government sales reduce turnover to
72%  for  the  same  period.  Operational EBITDA,  before  research  and
development costs, fell to a loss of £1.1 million compared to  a  profit
of £0.5 million in the same period in 2001. This primarily arose because
the  Mobile Navigation division was included as an operational  activity
for  the  first  time  - initial launch and marketing  costs  (including
overheads) were £0.9 million in the half-year to 31 March 2002.

Research  and development costs have, as expected, passed  the  peak  of
2001  -  £1.9  million  for  the half-year  to  31  March  2002  against
£2.3  million  in the equivalent period in 2001. The Board expects  that
these  costs  will  reduce further in the second  half  of  the  current
financial year. The declared loss for the half-year to 31 March 2002 was
£6.8 million against a loss of £5.4 million in the equivalent period  of
2001. This included a further write-off of goodwill from the acquisition
of  Laser-Scan. This goodwill will be entirely written off by the end of
the current financial year.

The  Board  considers that recent trading and cash-flow  in  the  Marine
Navigation  division  has  been  satisfactory  and  as  the  process  of
strengthening  of  the  management  team  there  continues,  a  stronger
performance is expected during the course of 2003.

Mobile  navigation  is still at an early stage of commercialisation  and
the  fixed costs of maintaining the core operation, technical  team  and
sales and marketing activities are unlikely to be matched by revenues in
the near term.

Mobile Navigation - Market

Yeoman has completed the necessary technology development to deliver, at
full  commercial scale, voice instructions to a mobile handset  covering
route planning, time of arrival and turn-by-turn instructions all taking
into account predicted as well as real time traffic data.

The  current commercial service, provided throughout Great Britain,  was
launched on 5 December 2001. It is accessed on a premium rate number  at
a charge of up to 60p per minute available across all UK mobile networks
on  09050  50 50 50 and additionally a short code 1577 is available  for
Vodafone subscribers.

The  Directors believe that Yeoman has established both a technical  and
commercial  lead  in  the  provision of mobile  navigation  and  traffic
information  services delivered via the mobile handset. A  recent  study
compared  the  Yeoman service to a number of alternatives,  including  a
leading  in-car navigation system, and rated the Yeoman system the  best
for business driver use. (source: MVA Consulting, February 2002).

There  have been a number of recent indications that the motor  industry
recognises that the preferred method of access to such services will  be
via  a mobile handset. Further, there is a growing industry belief  that
these services will be provided by independent specialist companies such
as  Yeoman.  This view is supported by Yeoman's own discussions  with  a
number of major car manufacturers. A recent report from a conference  in
May 2002, "Telematics Detroit", included the conclusions:

·     "The  wireless  manufacturer  will  be  the  deliverers,  and  the
automakers will be the enablers, based on the irrefutable view that  the
cell phone is king."

·     "Many  experts  urged automakers...to cede the young  (telematics)
market  to  wireless providers and technology start-ups, lest they  lose
focus on their core business of designing and manufacturing vehicles."

Whilst  initial  work is focused in Great Britain,  it  is  the  Group's
intention  to  extend  the marketing and demonstration  facilities  into
Europe.  The Yeoman mobile technology platform is designed to work  with
data sets and languages for different countries.

Strategy and Objectives

Yeoman's strategy for the further commercialisation of mobile navigation
is based on a sequence of steps:

·Yeoman's own brand service sold directly by Yeoman to the end users
with  revenues deriving from premium rate calls. Much is learnt in  this
process  about product, marketing and customer service. It  demonstrates
the  viability  of the service and forms the basis for negotiation  with
third parties

·Yeoman's service sold through third parties possessing substantial
customer  bases  to  whom  mobile  navigation  and  traffic  information
services and products can be sold. The service may be marketed under the
Yeoman  or  third  party label or may be co-branded. Such  organisations
include:


     - telecommunications companies
     - motoring organisations
     - car-hire companies
     - mobile phone retailers
     - mapping and routing web-sites
     - directory enquiry companies

·    Roll-out of similar services across Europe

Following  the  continuing implementation of third party agreements  and
development of technical infrastructure, the Board is confident that the
Group  will  be  well  positioned to exploit  further  opportunities  to
provide server-based navigation and traffic information services through
an evolving range of delivery methods and hardware devices.

Progress

Since  the  launch of Yeoman's commercial mobile navigation  service  in
December  2001, a variety of marketing methods have been used, including
radio  advertising, motorway service area advertising, direct  mail  and
telephone  sales.  Over 2,000 direct customers have been  recruited  and
marketing  messaging  and methods have been refined.   Importantly,  the
average  user  spend  per route is higher then shown  in  initial  pilot
studies at over 5 minutes connect time.

Based  on  this early market take-up and service availability, marketing
has been conducted with suitable organisations possessing large customer
bases with a view to offering Yeoman's service to these customers.

Specifically  the  following projects have been  progressed  during  the
first  quarter of 2002.  In each of these the financial terms are  based
on a revenue share with the major proportion accruing to Yeoman.

·      ITIS   Holdings  plc  through  its  subsidiary  NavTrak   Limited
("NavTrak")

      NavTrak has installed some 8,000 GPS/GSM NavTrak units in cars and
commercial  vehicles  for  security purposes.  The  heads  of  agreement
provide  for  Yeoman  and ITIS to co-operate to  market  and  provide  a
located  version  of  Yeoman's  mobile navigation  service  for  use  by
NavTrak's customers.

·    Hertz (U.K.) Limited ("Hertz")
      Agreement has been entered into for Yeoman to provide a co-branded
Yeoman  service which Hertz will promote to its rental car customers  in
Great  Britain. A Hertz customer will call a dedicated telephone  number
to access the Yeoman service.

·      Caudwell  Group  through  its  subsidiary  Corporate  4U  Limited
("Corporate 4U")
       Corporate  4U  provides  mobile  telephones  and  airtime  to   a
substantial corporate customer base. Heads of agreement have been signed
for Corporate 4U to market the Yeoman service to this customer base.

·         Vodafone Limited ("Vodafone")
Since  the beginning of March 2002, Vodafone subscribers have been  able
to  access  the  Yeoman mobile navigation service on a short  code  1577
under an agreement signed with Vodafone on 22 February 2002.

With regard to mainland Europe, Yeoman is in initial discussions with  a
number of mobile telecommunications companies, car manufacturers,  hand-
set  manufacturers and motoring organisations with a view  to  supplying
mobile  navigation and traffic services to their customers on a  revenue
share basis.

In conjunction with this work Yeoman has been reviewing the product name
for  the  mobile  navigation services in conjunction  with  a  marketing
organisation with substantial experience in related areas.  As a  result
the Yeoman mobile navigation service and co-branded versions will, as of
1  July 2002, be called TravelM8 (pronounced 'travelmate') with the  GPS
located  version  called  TravelM8 active.   Applications  for  suitable
trademarks are pending.



Outlook

The  Directors believe that the marketing arrangements that the  Company
has  put  in  place  to date give it a strong platform  to  deliver  its
service  on  a larger commercial scale. More encouragingly  the  growing
industry  belief  that  such services will be  provided  by  independent
specialist  companies  such as Yeoman, and that such  services  will  be
provided via a mobile phone, gives us confidence in the strategy that we
have  so  consistently followed. The Company has reached a new milestone
in  the last 6 months with the launch and early exploitation of a  full-
scale commercial mobile navigation service throughout Great Britain. The
new arrangements in place with Hertz, ITIS, Caudwells and Vodafone will,
the  directors  believe, be followed by other agreements  of  a  similar
nature which together will see the Company establish in the next  12  to
18  months a significant share of the market for the provision of mobile
navigation and traffic information services.

I  thank  the  management and staff for their efforts  and  achievements
towards establishing Yeoman as a world leader.


G M W Owen
Chairman


27 June 2002

INTERIM RESULTS OF YEOMAN GROUP PLC

The  following are unaudited Interim Results of the Yeoman Group for the
half year to 31 March 2002.

Consolidated Trading Results for the 6 months to 31 March 2002

                                        Unaudited  Unaudited     Audited
                                         6 months   6 months   12 months
                                       to 31/3/02 to 31/3/01  to 30/9/01
                                            £,000      £,000       £,000
                                                                        
Sales                                       6,542      7,801      14,891
                                                                        
Cost of sales                             (3,394)    (4,247)     (8,609)
                                                                        
Gross profit                                3,148      3,554       6,282
                                                                        
Administrative expenses                                                 
Amortisation of goodwill                  (2,754)    (2,754)     (5,696)
Research and development                  (1,948)    (2,344)     (4,872)
Other                                     (5,271)    (3,891)     (8,346)
Total administrative expenses             (9,973)    (8,989)    (18,914)
                                                                        
Operating loss                            (6,825)    (5,435)    (12,632)
                                                                        
Interest receivable                            88         44         191
Interest payable                             (31)        (8)        (41)
Taxation                                      (4)        (1)        (23)
                                                                        
Loss on ordinary activities after tax     (6,772)    (5,400)    (12,505)
                                                                        
Loss per share - basic                    (45.3p)    (45.9p)     (95.7p)
Loss per share - diluted                  (45.3p)    (44.2p)     (95.7p)




Consolidated Balance Sheet as at 31 March 2002
                                         Unaudited  Unaudited    Audited
                                             As at      As at      As at
                                           31/3/02    31/3/01    30/9/01
                                             £,000      £,000      £,000
Fixed assets                                                            
Intangible                                   2,807      8,393      5,595
Tangible                                     1,397      1,412      1,512
                                             4,204      9,805      7,107
                                                                        
Current assets                                                          
Stocks                                       1,785      1,636      1,517
Debtors                                      2,281      3,289      2,465
Cash at bank and in hand                     3,387        311      6,728
                                             7,453      5,236     10,710
Deduct: Creditors                                                       
Amounts falling due within one year        (5,512)    (5,061)    (4,699)
Net current assets/(liabilities)             1,941        175      6,011
                                                                        
Total assets less current liabilities        6,145      9,980     13,118
Creditors: amounts falling due after                                    
more than one year                            (65)      (105)      (103)
Provisions for liabilities and charges       (342)      (553)      (561)
                                                                        
Net assets                                   5,738      9,322     12,454
                                                                        
                                                                        
Capital and reserves                                                    
Called up share capital                      3,738      2,946      3,729
Share premium account                       27,550     18,213     27,511
Merger reserve                                 692        692        692
Profit and loss                           (26,242)   (12,529)   (19,478)
                                             5,738      9,322     12,454

Notes:

1. The Directors do not intend to pay an interim dividend

2. The basic loss per share is 45.3p (6
months  to  31  March 2001 - 45.9p) based on a loss for  the  period  of
£6,772,000, divided by the weighted average number of ordinary shares in
issue  of  14,935,854  shares (6 months to 31  March  2001  -11,772,033)
during  the period. There are no dilutive potential ordinary shares  for
the  six  months to 31 March 2002 (6 months to 31 March  2001  -  44.2p,
based  on  a loss of £5,400,000 divided by the average number of  shares
and options issued of 12,230,121 during the period).

3. Additional  copies of these  Interim
Results  are  available from the Company's Head Office at The  Shipyard,
Bath Road, Lymington, Hampshire SO41 3YL.

The  interim  accounts  have  been  prepared  under  the  historic  cost
convention and are unaudited.  The comparatives for the 12 months  ended
30  September  2001,  which do not constitute statutory  accounts,  were
extracted from the Group financial statements which have been filed with
the Registrar of Companies, together with an unqualified audit report.

                                                                                                                                                                                                                                             

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