Interim Results

RNS Number:9408P
Selector Limited
18 September 2003


SELECTOR LTD

RESULTS-6 MONTHS ENDED 30 JUNE 2003


I report that the Group made a loss, both before and after tax, for the six
months ended 30 June 2003 of $152,000 (2002 loss $114,000) on a turnover of
$634,000 (2002 $654,000). No dividend is proposed for the period (2002 Nil).

REVIEW OF THE PERIOD

Trading in Israel continued to be affected by the political situation, and the
consequent deep recession in the country. The fact that turnover remained almost
static compared to the comparative period last year was an achievement. The
expenditure of substantial sums on both Research and Development on the new
Select 100 and marketing in Europe (all written off to Profit and Loss account)
has substantially increased the net loss. The benefit of this expenditure should
be reflected in the results for 2004.

SHARE PLACING

We announced earlier this month a successful Placing of 7,500,000 shares at a
price of 3p to raise the sum of #225,000. An EGM to approve the Placing and an
increase in capital will be held on September 25.

EXPANSION INTO EUROPE

Our European representatives have started to market the new Select 100 in
Europe, and the results so far are encouraging. The expectation is that, in the
coming months, distributors will be appointed in a number of countries in
Europe, and sales should commence at the end of 2003 or in early 2004.

FUTURE

This is an exciting time in the history of Selector, and I look forward to
reporting further progress.


John Corre

Chairman                                    18 September 2003


Selector Ltd.

Summarised Consolidated Profit and Loss Account(US Dollars)


                              Unaudited        Unaudited       Audited
                         6 months ended   6 months ended    Year ended
                           30 June 2003     30 June 2002   31 December
                                                                  2002

                                  $'000            $'000         $'000          

Turnover                            634              654         1,331

Operating Loss                     (107)             (55)         (715)

Other Expenses (net)                  -                -            (3)

Financial Income (Loss)             (45)             (59)          405

Profit (Loss) on ordinary
activities                         (152)            (114)         (313)
                                   

Exceptional items                     -                -         6,295
                                 ______           ______        ______

Retained profit (loss)             (152)            (114)        5,982
for financial period

Profit (Loss) per share          (0.006)          (0.006)         0.31
(cents)


NOTE: There are no recognised gains and losses other than the profits and losses
above and therefore no separate statement of total recognised gains and losses
has been presented.

The accompanying notes are an integral part of the financial statements

Notes to the Unaudited Interim Report at 30 June 2003


 1. PUBLICATION OF NON-STATUTORY ACCOUNTS

    These interim financial statements have been prepared as at 30 June 2003 and
    for the six months then ended.

    These statements should be reviewed together with the company's annual
    financial statements as at 31 December 2002 (hereafter-"the annual
    statements") and for the year then ended and the related notes. The
    financial information for the full proceeding year is based on the statutory
    accounts for the financial year ended 31 December 2002, upon which the
    auditors issued an unqualified opinion.

 2. BASIS OF PREPARATION OF INTERIM FINANCIAL INFORMATION

    The interim financial information has been prepared on the basis of the
    accounting policies set out in the Group's statutory accounts for the year
    ended 31 December 2002. Fixed annual charges are apportioned to the interim
    period on the basis of time elapsed. Other expenses are accrued in
    accordance with the same principles used in the preparation of the annual
    accounts.

 3. EARNINGS PER SHARE

    Earnings per share for the half year to 30 June 2003 have been calculated on
    the net loss (2002-loss) after taxation and on 27,050,149(2002-19,517,640)
    ordinary shares, being the weighted average number of ordinary shares in
    issue throughout the period.

 4. COPIES OF ACCOUNTS

A copy of the Interim Report and the Financial Statement will be posted to all
shareholders. Copies will also be available at the offices of the Company's
Nominated Advisors, Brewin Dolphin Securities Ltd., 48 Vincent Street, Glasgow
G2 5TS and at the Company's Registered Office, 27 Amal Street, Petach Tikvah,
Israel.


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

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