Interim Results

RNS Number:8165B
Techmarine International PLC
30 September 2002

                          TECHMARINE INTERNATIONAL PLC





              INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2002







MANAGING DIRECTOR'S STATEMENT



The Company's ordinary shares were admitted to trading on the Alternative
Investment Market of the London Stock Exchange ("AIM") on 8 August 2002. During
the period covered by this report therefore we operated as a private company. We
generated profit before tax of #112,000 (2001: #126,000) on turnover of
#2,108,000 (2001: #2,120,000) in the six months ended 30 June 2002. The
Directors do not propose to pay a dividend in respect of the period.



As described in the document published on 2 August 2002 relating to the
admission of our shares to AIM the Company continues to trade in accordance with
current expectations. The Directors are pursuing a number of opportunities for
further ship management contracts which, if won, could have a beneficial impact
on the financial performance of the Company.



George Purdie

Managing Director



30 September, 2002




PROFIT AND LOSS ACCOUNT
                                                               6 months to             6 months to         12 months to

                                                              30 June 2002            30 June 2001          31 Dec 2001

                                                                      #000                    #000                 #000
INCOME                                                               2.108                   2,120                4,449


OPERATING PROFIT                                                        97                     111                   56

Interest Receivable                                                     15                      15                   30

Profit  before taxation                                                112                     126                   86
Tax charge                                                              26                      38                   26
Profit  for the period                                                  86                      88                   60

EARNINGS PER SHARE                                                   8.62p                 # 22.11               68.89p

There were no recognised gains or losses other than those detailed in the profit and loss account above.





SUMMARISED BALANCE SHEET

                                                                     As at As at                    As at

                                                              30 June 2002 30 June 2001                     31 Dec 2001

                                                                      #000                     #000                #000
NET ASSETS

Fixed Assets                                                            30                       44                  39



Debtors                                                              1,619                    1,327               1,573

Cash at bank and in hand                                               858                    1,056               1,408

                                                                     2,477                    2,383               2,981

Creditors                                                          (2,192)                  (2,171)             (2,791)

                                                                       315                      256                 229



SHAREHOLDERS' FUNDS

Called up share capital                                                  1                        0                   1

Retained profit and (loss) account                                     314                      256                 228

                                                                       315                      256                 229



NET CASH (included in net assets)                                      858                    1,056               1,408




SUMMARISED CASHFLOW STATEMENT
                                                                     As at As at                   As at

                                                      30 June 2002                    30 June 2001          31 Dec 2001

                                                                      #000                    #000                 #000
Net Cash (out) / inflow from operating activities                    (543)                     365                  709
Net interest received                                                   15                      15                   30
Taxation paid                                                         (20)                    (28)                 (28)
Payment of tangible fixed assets                                       (2)                                          (6)
Cash (out) / inflow                                                  (550)                     352                  705




NOTES TO THE INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2002.



Basis of preparation



The Interim Report has been prepared on the basis of accounting policies set out
in the Company's statutory financial statements for the year ended 31 December
2001.



The figures for the six months ended 30 June 2002 and for the 2001 comparative
period are not statutory accounts and have not been audited. The figures for the
year ended 31 December 2001 are an extract from the statutory financial
statements from that year which have been delivered to the Registrar of
Companies and on which the auditors gave an unqualified report.



Taxation



The taxation charge has been calculated on the basis of the estimated effective
tax rate for the year.



Share capital



At 30 June 2001 the Company had an authorised share capital of #1,000 divided
into 1,000 ordinary shares of #1 each; the issued share capital at that date was
#4 ordinary shares of #1 each.



In December 2001, the Company issued a further 996 ordinary shares of #1 each
for cash.



In May 2002 the authorised share capital of the Company was increased to
#200,000 by the creation of 199,000 new ordinary shares of #1 each, and
sub-divided into 200,000,000 ordinary shares of #0.001 each.  This brought the
number of ordinary shares in issue to 1,000,000 of #0.001 each.



Earnings per share



Earnings per share is based on the weighted average number of shares in issue in
the period of 1,000,000 (June 2001: 4,000, December 2001: 87,000), and reflects
the sub division of shares in May 2002. The weighted average number of shares in
issue at 30 June 2001 and at 31 December 2001 has also been adjusted to reflect
the sub-division of shares in May 2002.



As at 30 June 2002 there were no outstanding share options and accordingly there
is no difference between the weighted average and the fully diluted weighted
average number of ordinary shares.



Related parties



Mr Purdie and Mr Campbell are directors and shareholders of Delta Management
Solutions Limited. During the period the Company incurred costs of #297,000
(2001 #285,000) by way of management fees to Delta Management Solutions Limited.
At 31 May 2002 the agreement was terminated and the Company entered into an
agreement with G&N Management Limited, a company owned jointly by Mr Purdie and
Mr Campbell of which they are both directors. During the period the Company
incurred costs of #57,000 (2001 # Nil) by way of management fees to G&N
Management Limited.



At 30 June 2002 no amounts were due to either Delta Management Solutions Limited
nor G&N Management Limited (2001 #Nil).



Post balance sheet events



On 24 July 2002 the Company re-registered as a public limited company under the
name Techmarine International plc and on 8 August 2002 the Company was admitted
to the Alternative Investment Market.



The total costs and expenses in connection with the Admission amounted to
approximately #145,000 (excluding VAT). The issued share capital of the Company
was increased to #50,000 prior to Admission.

INDEPENDENT REVIEW REPORT TO TECHMARINE INTERNATIONAL PLC



Introduction



We have been instructed by the company to review the financial information set
out on pages 3 to 5 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.



Directors' responsibilities



The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors.  The Rules of the
Alternative Investment Market require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.



Review work performed



We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board.  A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed.  A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions.  It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.



Review conclusion



On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2002.





LEWIS KNIGHT                                                                                      Suite D

Chartered Accountants                                                                      Pinbrook Court

                                                                                             Venny Bridge

                                                                                                   Exeter

                                                                                                  EX4 8JQ




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