Final Results

RNS Number:3130A
Oakgate PLC
30 June 2004

FOR IMMEDIATE RELEASE                                               30 JUNE 2004

                                  OAKGATE PLC

                              CHAIRMAN 'S STATEMENT


The audited results for the twelve months ended 31 December 2003 showed that
your Company incurred a profit, both before and after taxation of #5,798,000
(full year ended 31 December 2002 #1,054,000 loss before taxation) on turnover
of #nil (full year ended 31 December 2002 #74,000). The results for the year
include, as an exceptional item, the net amount that has been waived by the
Company's creditors following the Creditors Voluntary Arrangements.

At present the Company does not conduct business and is a cash shell and as
stated in my last report we are actively seeking a suitable acquisition to allow
us to re-establish shareholder value going forward. Further announcements will
be made on our progress in this regard in due course.

The audited accounts for the 12 months to 31 December 2003 will be sent to
shareholders and together with copies of this announcement are available from
the Company's registered office, Finsgate, 5-7 Cranwood Street, London, EC1V 9EE
for a period of 30 days from the date hereof.



Leo Knifton
30 June 2004


Consolidated Profit and Loss Account
For the year ended 31 December 2003

                                                      Year ended      Year ended
                                                     31 December     31 December
                                                         2003            2002
                                                         #'000          #'000

Turnover                                                       -              74

Cost of Sales                                                  -               -

Gross Profit                                                   -              74

Operating expenses                                          (16)           (634)

Operating Loss                                              (16)           (560)

Share of operating loss in associate                           -               -

Exceptional Item                                           5,814           (440)

Profit / (Loss) on Ordinary Activities before Interest     5,798         (1,000)

Interest payable                                               -            (54)
Interest receivable                                            -               -

Profit / (Loss) on Ordinary Activities before Taxation     5,798         (1,054)

Taxation                                                       -               -

Retained Profit / (Loss) for the Period                    5,798         (1,054)


Basic and diluted earnings / (loss) per share:            283.1p         (52.5p)

All results for the year relate to discontinued activities

These were no recognised gains or losses other than the retained loss for the
period.



Consolidated Balance Sheet at 31 December 2003
                                                           2003            2002
                                                          #'000           #'000
Fixed Assets

Investments                                                   -                -
                                                              -                -
Current Assets
Debtors                                                      58               88
Cash at bank and in hand                                      -               15

                                                             58              103

Creditors: Amounts falling due within one year             (21)          (3,306)

Net Current Assets/(Liabilities)                             37          (3,203)

Total Assets less Current Liabilities                        37          (3,203)

Creditors: Amounts falling due after
more than one year                                            -          (2,729)

                                                             37          (5,932)

Capital and Reserves
Called up share capital                                   9,774            9,642
Share premium account                                     8,549            8,510
Other reserves                                            1,567            1,567
Profit and loss account                                (19,853)         (25,651)

Equity Shareholders' Deficit                                 37          (5,932)



Consolidated Cash Flow Statement
For the year ended 31 December 2003

                                                          2003             2002
                                                         #'000            #'000

Net cash inflow/(outflows) from
operating Activities                                        68             (242)

Returns on investments and servicing of finance
Interest (paid)                                              -              (54)

Acquisitions and disposals
Sale of subsidiary undertaking                               -                 -
Net overdrafts disposed of with subsidiary undertakings      -                71
Proceeds from disposal of trade investment                   -                10

                                                             -                81

Financing
Issue of shares                                            100                 -
Increase in long-term debt                                   -               210

Net Cash Inflow from Financing                             100               210

Increase/(decrease) in cash                                168               (5)

Reconciliation of net cash flow to movement
in net debt

Net increase/(decrease) in cash                            168               (5)
Waiver of convertible loan notes                         4,992                 -
Penalty on crystallisation of loan guarantee                 -             (210)
Other loans, including bank loans, disposed of -
(acquired) with subsidiaries                                 -                43
Issue of shares                                          (100)                 -

                                                         5,060             (172)
          
Opening net debt                                       (5,160)           (4,988)

Closing net debt                                         (100)           (5,160)


Notes to the Financial Statements
For the year ended 31 December 2003

1.       Basis of Preparation

The above results for the year ended 31 December 2003 are an abridged version of
the Group's statutory financial statements which have not been filed at the
Registrar of Companies and on which the auditors have issued an unqualified
report. The consolidated profit and loss account, consolidated balance sheet and
consolidated cashflow statement do not constitute statutory financial statements
within the meaning of Section 240 of the Companies Act 1985 (as amended).

The results for the year ended 31 December 2002 have been extracted from the
financial statements of the Group on which an unqualified report from the
auditors has been issued and which have been filed with the Registrar of
Companies.

The Annual Report and Accounts will be sent to shareholders on 30th June 2004.

2.       Loss per Share

The basic diluted earnings / (loss) per share calculation is based on the
weighted average number of shares in issue during the 12 months ended 31
December 2003 of 2,048,214 (2002 - adjusted 2,008,759) and on the profit/ (loss)
for the financial year of #5,798,000 (2002 - (#1,054,000).



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