Stated asset value currently 29.2p per share, of which cash represents19.5p

been watching this since result's been no movement, but the last two days this has been going up with no volume there is talk that Shore Capital Trading Ltd is going to make a bid for the company as it is cash rich, and the last set of results were very good, here is the results. don't miss this bargin go and do your own research if you don't belive me. this is a screaming buy.IMHO

INTERIM RESULTS

for the six months ended 30 September 2002



Inflexion is a mid-market private equity investment company. Quoted on AIM,
Inflexion invests its funds in unquoted companies that offer the potential for
substantial capital gains.





* Inflexion Managers Limited actively pursuing private equity fund
management strategy;

* Two Inflexion-managed transactions have been completed, including a
pub sector build-up, Nectar Taverns, which will yield fees and
performance-related income;

* Cash reserves of #12.7 million;

* Stated asset value currently 29.2p per share, of which cash represents
19.5p per share;

* High profile addition to Inflexion Advisory Panel.



Inflexion chairman, Michael Freeman, commented:



"The Board continues to focus on its strategy of raising and managing UK private
equity funds in which Inflexion will itself be one of the cornerstone investors.
Currently with a strong investment pipeline and an experienced management team
we look forward to pursuing opportunities in the UK mid-market."



For further information, please contact:


Inflexion 020 7487 9888
Simon Turner/John Hartz
Citigate Dewe Rogerson 020 7638 9571
Freida Davidson
Rupert Steveney



Further information can be obtained from the Company's website,
www.inflexion.com



Joint CEO's statement



Strategy



The Company continues to focus on leveraging the collective investment skills of
the Inflexion team and securing future revenue streams through the management of
specialist private equity investment vehicles. The benefits include creating a
more diversified series of investments for the Company as well as the generation
of fee income to offset running costs.



Our regulated subsidiary, Inflexion Managers Limited, is currently marketing
Inflexion Private Equity Fund 2. This fund, designed for institutional private
equity investors, is targeted at the UK mid-market. Due to the difficult market
conditions facing the private equity industry the time taken to raise funds has
lengthened. It is anticipated that the Fund will seek a closing during the
current financial year.



The slow fundraising environment as well as a series of succession issues within
the private equity industry, are presenting a number of potential strategic
opportunities. We have had a number of discussions with other private equity
groups where there is a possibility of securing incremental revenue for
Inflexion, which in turn will accelerate the point at which Inflexion reaches
operational break-even. Inflexion has led two transactions on behalf of
institutional investors in the period since 1 April 2002, from which Inflexion
will receive fees and performance-related income. These income streams will
scale as funds come online.



We remain confident that the next six months will witness good progress in our
stated strategy.



Financial summary



Inflexion's cash position remains healthy with a further #12.7 million available
for future investments and to cover our ongoing operational costs. As stated in
our last interim statement, a considerable proportion of these funds will be
committed to the future investment vehicles managed by Inflexion Managers
Limited.



The Company's net asset value at 30 September 2002 was #19.1 million after an
operating loss of #0.8 million.



Investment and operational review



As we reported in the Annual Report and Accounts for the year to 31 March 2002,
we acquired a controlling interest in Micronics Telesystems Limited (trading as
Brainstorm) in May 2002, in order to effect a change in strategy and to align
overheads with projected revenues. In the past few months, Brainstorm has
secured key contracts with AOL and Vodafone Content Solutions. This latter
contract positions Brainstorm at the centre of the rollout of MMS (Multimedia
Messaging Service) in Europe, a market benefiting from considerable investment
by the mobile operators.



Connextra and ANT Limited are also continuing to make good progress in their
move to operational break-even. Both reported increased turnover and reduced
overheads in the period to 30 September 2002, and are well ahead of trading in
the same period in 2001.



In the six months to 30 September, we have reviewed 230 investment opportunities
and in recent months we have noticed a marked improvement in quality, as
enterprise valuations have become aligned with market conditions. Our
investment pipeline is currently strong, and whilst completion risk for all
private equity transactions remains high, we are confident that 2003 private
equity investments will perform strongly.



Future investments will focus on established businesses, and principally buyouts
of profitable companies in growth markets. These investments will largely be
effected through an Inflexion commitment to Inflexion managed institutional
private equity funds, effectively gearing Inflexion's capital in creating a
diversified portfolio of established mid-market businesses.



To ensure that Inflexion is at the forefront of sector developments within
industries identified as being of immediate interest, the Advisory Panel has
recently been augmented with another high-profile appointment. Stelio Stefanou
is Chief Executive of Accord plc, one of the UK's leading providers of support
services to the public, private and not-for-profit sectors.



Outlook



The Company continues to focus on its strategy of raising and managing UK
private equity funds in which Inflexion will itself be one of the cornerstone
investors. We have received indicative commitments from a number of
institutional investors, which is a pleasing endorsement of the strong team that
we have built at Inflexion, and the opportunities that we believe exist within
the UK mid-market.



Unaudited consolidated profit and loss account for the six month period from
1 April 2002 to 30 September 2002




Audited Unaudited Unaudited
31-Mar 30-Sep 30-Sep
2002 2002 2001
#'000 Note #'000 #'000
- Turnover - -
- Cost of sales - -
----------- ----------- -----------
- Gross profit - -
(2,155) Administrative expenses (1,111) (1,255)
18 Other operating income 75 15
------- ---------- -------------
(2,137) Operating loss (1,036) (1,240)
25 Profit on disposal of fixed asset investments - 25
640 Interest receivable and similar income 238 344
(10,711) Amounts written off investments - (3,287)
(1) Interest payable and similar charges - -
--------- ---------- -------------
(12,184) Loss on ordinary activities before taxation (798) (4,158)
- Tax on loss on ordinary activities - -
------------ ---------- -------------
(12,184) Loss for the financial period (798) (4,158)
- Dividends - -
------------ ---------- -------------
(12,184) Retained loss for the financial period (798) (4,158)
======== ======= ========
Loss per ordinary share
(20.00)p - basic and fully diluted 4 (1.31)p (6.82)p
======== ======= ========





Consolidated balance sheet as at 30 September 2002 (unaudited)


Audited Unaudited Unaudited
31-Mar 30-Sep 30-Sep
2002 2002 2001
#'000 Note #'000 #'000
Fixed assets
228 Tangible assets 193 240
3 Investments - interests in own shares 3 3
5,896 Investments 3 6,203 13,207
------------ ------------- ------------
6,127 6,399 13,450
------------ ----------- -----------
Current assets
192 Debtors 204 198
13,800 Cash at bank and in hand 12,741 14,703
----------- ------------ -----------
13,992 12,945 14,901
(245) Creditors: amounts falling due within one year (268) (451)
------------- ---------- ---------------
13,747 Net current assets 12,677 14,450
-------------- ----------- -------------
19,874 Total assets less current liabilities 19,076 27,900
------------ -------------- --------------
19,874 Net assets 19,076 27,900
========= ======= =======
Capital and reserves
654 Called up share capital 654 654
34,386 Share premium account 34,386 34,386
(15,166) Profit and loss account - deficit (15,964) (7,140)
------------- ------------ -----------
19,874 Total equity shareholders' funds 19,076 27,900
======= ======= =======



Unaudited consolidated cash flow statement for the six month period from 1 April
2002 to 30 September 2002


31-Mar 30-Sep 30-Sep
2002 2002 2001
#'000 Note #'000 #'000
(2,111) Net cash flow from operating activities a (985) (1,054)
-------------- -------- -----------
Returns on investment and servicing of finance
640 Interest received 238 344
(1) Interest paid - -
------------- ---------- ---------
639 Net cash inflow from returns on investment and servicing of 238 344
finance
-------------- ---------- -------------
- Taxation - -
Capital expenditure and financial investment
(38) Purchase of tangible fixed assets (5) (9)
- Sale of tangible fixed assets - -
(505) Purchase of fixed asset investments (307) (392)
630 Sale of fixed asset investments - 629

-------------- ----------- --------
87 Net cash outflow for capital expenditure and financial (312) 228
investment
----------- ------------ ------------
- Equity dividends paid - -
---------- ------------ -----------
(1,385) Net cash flow before financing and management of liquid (1,059) (482)
resources
Management of liquid resources
(6) Increase in short term deposits with banks - -
Financing
- Issue of ordinary share capital - -
- Expenses of share issue - -
-------------- ------------ --------------
- Net cash inflow from financing - -
------------- -------------- -------------
(1,391)(Decrease)/Increase in net cash b (1,059) (482)
======== ====== ==========



Notes to the unaudited consolidated cash flow statement for the six month period
from 1 April 2002 to 30 September 2002



a. Reconciliation of operating loss to net cash flow from operating activities


#'000 Continuing Operations #'000 #'000
(2,137) Operating loss (1,036) (1,240)
70 Depreciation 38 34
4 Loss on sale of fixed assets 2 -
63 (Increase)/decrease in debtors (12) 57
Increase in creditors 23 95
(111)
------------- ------------- -------------
(2,111)Net cash outflow from continuing operations (985) (1,054)
======== ======== ========



b. Reconciliation of net cash flow to movement in net funds
#'000 #'000
#'000
15,185 Net cash brought forward 13,800 15,185
1,385 Movement in funds (1,059) (482)

----------- ------------- ----------
13,800 Net funds carried forward 12,741 14,703
====== ======== ========





NOTES TO THE INTERIM REPORT

1. Basis of preparation


The interim financial information, which has been neither audited or reviewed by
the Company's auditors, has been prepared on the basis of the accounting
policies set out in the Group's statutory accounts for the financial period
ending 31 March 2002. The preceding unaudited financial information does not
constitute statutory accounts as defined in Section 240 of the United Kingdom
Companies Act 1985. The comparative financial information for the financial
period ending 31 March 2002 is based on the statutory accounts dated 25 July
2002. These accounts, upon which the auditors have issued an unqualified
opinion, have been delivered to the Registrar of Companies.



The Group owns certain investments that the Companies Act 1985 requires to be
treated as associated undertakings and therefore accounted for using the equity
method of accounting. The directors believe that equity accounting for such
investments that fall within the definition of associated undertakings would not
give a true and fair view of the value generated from the investment activities
of the Company, since that is better measured by the inclusion of profits or
losses on disposal of such investments in the profit and loss account.
Accordingly all investments have been recorded at cost irrespective of whether
they fall within the definition of an associated undertaking. This treatment
which requires a true and fair override of the Companies Act 1985 is permitted
by paragraph 49 of FRS 9 - Associates and Joint Ventures.



2. Statement of total recognised gains and losses

A statement of total recognised gains and losses is not provided as there were
no gains and losses recognised in the period ended 30 September 2002 other than
the profits as set out above.


3. Investments

Investment Equity stake
ANT Limited 24.5%
Celoxica Limited 1.0%
Connextra Limited 7.7%
European Equity Partners Limited Partnership 12.7%
Micronics Telesystems Limited (trading as Brainstorm) 100%



4. Loss per share



The loss per share is based on the loss after tax for the period of #798,000 and
a weighted average number of shares in issue of 60,933,360.



5. The interim results were approved by the Board on 13 December 2002.