RNS Number:1788L
Innobox PLC
16 May 2003


Innobox Plc (the "Company")

Preliminary results announcement for the year ended 30 April 2003

16 May 2003


Chairman's Statement

I am pleased to report the Company's results for the year ended 30 April 2003.
The profit for the year before taxation was #595,655 (2002: (#61,793)), which
represents earnings per share of 4.77p (2002: (0.49p) per share).

The Board is delighted with the profit generated from the investment in ACS,
which is reflected by the Company's shareholding in AeroBox Plc, an AIM listed
company. The Board is confident that the value of the investment in AeroBox Plc
will be maintained.

The Board has completed its review of the future strategy of the Company and has
today issued an announcement and distributed a circular to shareholders
detailing a proposed change in the strategic direction of the Company.

The Company has chosen, subject to shareholder approval at an EGM to be held on
9 June 2003, to build a group in the licensed trade sector and proposes to
develop a portfolio of businesses in this sector to include:

-    managed public houses which have, in the opinion of the board, attractive
     capital growth prospects in terms of property and business development;

-    small hotels, being hotels with thirty bedrooms or less; and

-    businesses ancillary to the licensed trade.

The Company has identified a suitable individual, Arthur Baker with the relevant
expertise to help the Company pursue this strategy and it is proposed that he
will replace me as Chairman. Subject to the passing of the resolutions at the
EGM, I will be stepping down to concentrate my efforts on my new position as
Chief Executive of AeroBox Plc. In addition, it is proposed that Mark Jones will
step down as Chief Executive, taking up the position of Non-Executive director,
and that Russell Stevens will take up the position of part time Chief Executive.

The Directors are confident in the proposed future strategy of the Company and
that it will be approved by shareholders at the forthcoming EGM.

I would like to take this opportunity to thank my colleagues for all their
efforts for the Company and wish the Company every success with its proposed new
strategy.


R C Bushman
Chairman
15 May 2003


Profit and Loss Account for the year ended 30 April 2003

                                    Note               Year               Year
                                                      ended              ended
                                              30 April 2003      30 April 2002
                                                          #                  #

Administration expenses                             (99,477)          (112,261)
                                                -----------        -----------
Operating loss                                      (99,477)          (112,261)
Profit on sale of fixed asset                       654,878                  -
investments
Bank interest receivable                             40,254             50,468
                                                -----------       ------------
Profit/(loss) on ordinary                           595,655            (61,793)
activities before taxation
Taxation                                                  -                  -
                                                -----------       ------------
Profit/(loss) for year                              595,655            (61,793)
                                                -----------       ------------

Basic and diluted earnings/(loss)       2              4.77              (0.49)
per share
                                                -----------       ------------

The company has no recognised gains or losses other than the profit for the
year.


Balance Sheet as at 30 April 2003

                                   Note               As at              As at
                                              30 April 2003      30 April 2002
                                                          #                  #
Fixed assets
Fixed asset investments                             900,001            225,587

Current assets
Debtors                                              19,035              3,329
Cash at bank and in hand                            647,729            745,907
                                               ------------       ------------
                                                    666,764            749,236
                                               ------------       ------------
Creditors:
Amounts falling due within one                       84,152            (87,865)
year
                                               ------------       ------------
Net current assets                                  582,612            661,371
                                               ------------       ------------
Total assets less current                         1,482,613            886,958
liabilities
                                               ------------       ------------
Capital and reserves

Called up share capital                             250,000            250,000
Share premium                                       764,004            764,004
Profit and loss account                             468,609           (127,046)
                                               ------------       ------------
Equity shareholders' funds             3          1,482,613            886,958
                                               ------------       ------------


Cash Flow Statement for the year ended 30 April 2003

                                   Note                Year               Year
                                                      ended              ended
                                              30 April 2003      30 April 2002
                                                          #                  #

Net cash outflow from operating        4           (118,896)          (122,460)
activities

Return on investments and
servicing of finance
Interest received                                    40,254             50,468

Capital expenditure and financial
investment
Cash payments to acquire long term                  (19,536)          (225,587)
investments
                                               ------------       ------------
Net cash outflow                                    (98,178)          (297,579)
                                               ------------       ------------
Decrease in cash                       5            (98,178)          (297,579)
                                               ------------       ------------


Notes to the Preliminary Results for the year ended 30 April 2002

 1   Basis of Preparation

     The preliminary announcement has been prepared in accordance with
     applicable accounting standards and under the historical cost convention.

 2   Earnings/(loss) per share

     The calculation of the basic earnings/(loss) per share is based on the
     profit/(loss) on ordinary activities after taxation and on the weighted
     average number of shares in issue during the year. The profit/(loss) and
     weighted average number of shares used in the calculations are set out
     below:

                                                        Weighted           Basic
                                                  average number earnings/(loss)
                                                     of shares       per share
                                       Profit/                         (pence)
                                        (loss)
                                             #
     Basic and diluted earnings/
     (loss) per share:

     Year ended 30 April 2003          595,655      12,500,000            4.77
     Year ended 30 April 2002          (61,793)     12,500,000           (0.49)
                                  ------------    ------------    ------------

 3   Reconciliation of movements in shareholders' funds

                                                                 30 April 2003
                                                                             #

     Profit on ordinary activities after taxation                      595,655

     Shareholders' funds at 1 May 2002                                 886,958
                                                                  ------------
     Shareholders' funds at 30 April 2003                            1,482,613
                                                                  ------------

 4   Reconciliation of operating loss with net cash outflow from operating
     activities

                                                         Year             Year
                                                        ended            ended
                                                30 April 2003    30 April 2002
                                                            #                #

     Operating (loss)                                 (99,477)        (112,261)
     (Increase) in debtors                            (15,706)               -
     (Decrease) in creditors                           (3,713)         (10,199)
                                                 ------------     ------------
     Net cash outflow from operating                 (118,896)        (122,460)
     activities
                                                 ------------     ------------

 5   Analysis of changes in net
     funds
                                   1 May 2002       Cash Flow    30 April 2003
                                            #               #                #

     Cash at bank and in hand         745,907         (98,178)         647,729
                                 ------------    ------------     ------------

 6   Publication of non-statutory accounts

     The financial information set out in this preliminary announcement does not
     constitute statutory accounts as defined in Section 240 of the Companies
     Act 1985. The summarised balance sheet at 30 April 2003 and the summarised
     profit and loss account, summarised cashflow statement and associated notes
     for the year then ended have been extracted from the company's 2003
     statutory financial statements upon which the auditors opinion is
     unqualified and does not contain any statement under section 237 of the
     Companies Act 1985.

 7   Availability of Annual Report

     The Annual Report will be posted to shareholders today and copies will be
     available from the registered office of the Company or as a download from
     the Company's website at www.innobox.co.uk.

 8   Annual General Meeting

     The Annual General Meeting of the Company will be held at Meriden House, 6
     Great Cornbow, Halesowen, West Midlands B63 3AB at 10.00am on Monday, 9
     June 2003.



Enquiries:

Russell Stevens                              07860 562 621
Non-executive Deputy Chairman, Innobox Plc   russell@innobox.co.uk

Philip Johnson                               0161 214 6540
Brown, Shipley & Co. Limited                 philip.johnson@brownshipley.co.uk

Trevor Phillips                              020 7929 5599
Holborn Public Relations Limited             trevor.phillips@holbornpr.co.uk







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

END
FR ILFETEDIELIV