Final Results

RNS Number:9083Y
OverNet Data PLC
20 May 2004


OverNet Data Plc

Preliminary Announcement for the year ended 31 December 2003

20 May 2004


Chairman's Report

For the year ended 31 December 2003, the Group had a turnover of #8,000 (2002:
#80,000) and had a net loss of #140,000 (2002: #1,387,000). During the year the
Company itself operated as a holding company with one trading subsidiary which
received license income in respect of certain software rights.


Consolidated profit and loss account
for the year ended 31 December 2003

                                                            2003        2002
                                                            #000        #000
                                                    __________________________


Turnover                                                       8          80
Administration expenses                                     (148)     (1,500)
                                                    __________________________

Operating loss                                              (140)     (1,420)
Interest receivable and si+milar income                         -          15
                                                    __________________________

Loss on ordinary activities before taxation                 (140)     (1,405)
Taxation credit on loss on ordinary activities                 -          18
                                                    __________________________

Loss for the year for group                                 (140)     (1,387)
                                                    __________________________

Loss per ordinary share - Basic                            (2.4p)     (56.0p)
                        - Diluted                          (1.4p)     (56.0p)

A statement of total recognised gains and losses has not been included as part
of these financial statements as the Company made no gains or losses in the
period other than disclosed above in the profit and loss account.

A note on historical gains or losses has not been included as part of the
financial statements as the results as disclosed in the profit and loss account
are prepared on an unmodified historical cost basis.

The results stated above are derived from continuing operations.


Consolidated balance sheet
at 31 December 2003
                                                            2003        2002
                                                            #000        #000
                                                    __________________________

Fixed assets
Tangible assets                                                -           -
Current assets
Debtors                                                      208          34
Cash at bank and in hand                                      28          32
                                                    __________________________

                                                             236          66
Creditors: amounts falling due within one year               (15)        (46)
                                                    __________________________

Net current assets                                           221          20
                                                    __________________________

Total assets less current liabilities                        221          20
Creditors: amounts falling due after more than one          (200)          -
year including convertible debt
                                                    __________________________

Net assets                                                    21          20
                                                    __________________________

Capital and reserves
Called up share capital                                       46         139
Share premium account                                      3,532       3,423
Capital redemption reserve                                 2,415       2,290
Merger reserve                                              (844)       (844)
Profit and loss account                                   (5,128)     (4,988)
                                                    __________________________

Equity shareholders' funds                                    21          20
                                                    __________________________

Notes
     
1.   Basis of Preparation
     
     The financial information set out in this announcement does not constitute 
     the company's statutory financial statements within the meaning of section 
     240 of the Companies Act 1985, for the years ended 31 December 2003 or 31 
     December 2002.  The statutory financial statements for the year ended 31 
     December 2003 will be finalised on the basis of the financial information 
     presented by the directors in this preliminary announcement and will be 
     delivered to the Registrar of Companies following the company's Annual 
     General Meeting.  The results for the year ended 31 December 2002 have been 
     extracted from the full accounts for that year which have been delivered to 
     the Registrar of Companies on which the auditors have given an unqualified 
     report and which do not contain a statement under sections 237(2) or (3) of 
     the Companies Act 1985.

     This announcement is prepared on the basis of the accounting policies as 
     stated in the previous year's financial statements.

     This preliminary announcement was approved by the Board of directors on 20 
     May 2003.

     Copies of this announcement are available from the company's registered 
     office at Finsgate, 5-7 Cranwood Street, London  EC1V 9EE.
     
2.   Loss per share
                                                            2003        2002
                                                           Pence       Pence
Loss per ordinary share
- Basic                                                     (2.4)      (56.0)
- Diluted                                                   (1.4)      (56.0)
                                                    __________________________
 
Loss per ordinary share is based on the Group's loss for the financial year of
#140,000 (2002: #1,387,000).

The weighted average number of shares used in the calculation are - basic
5,757,057 (2002: 2,478,716); diluted 10,257,057 (2002: 2,478,716).
     
3.   The Annual Report and Accounts for the year ended 31 December 2003 have
     been posted to shareholders today and further copies are available at the
     Company's registered office at Finsgate, 5-7 Cranwood Street, London  
     EC1V 9EE.


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