RNS Number:4441S
CybIT Holdings PLC
25 November 2003

25th November 2003


                               Cybit Holdings Plc
          Interim Results for the Six Months Ended 30 September 2003.


Highlights

Cybit Holdings Plc, one of the UK's fastest growing and most innovative
telematics service providers, today announces its interim results for the six
months ended 30 September 2003.


                             Unaudited             Unaudited            Audited
                        6 months ended        6 months ended         Year ended
                          30 September          30 September           31 March
                                  2003                  2002               2003
                                 #'000                 #'000              #'000

Turnover                         3,999                 2,235              5,066

Operating profit before
depreciation and goodwill
amortisation and interest
(EBITDA)                           747                   100                461

Profit/(loss) before tax            38                 (473)              (662)



Key points

   *79% increase in turnover over corresponding period last year
   *Company generates "maiden" profit before tax of #38,000 for the period
   *Threefold increase in average customer fleet size now being supported by
    Cybit's solution portfolio
   *Upgrades to Fleetstar-Online portfolio with integration of SmartNav and
    RAC Trackstar and enhancements to cybitfleet.com platform
   *Significant progress made on indirect channels to market through
    strategic partnerships with Lex Vehicle Leasing and brs Truck Rentals
   *Major initiative launched to recruit telematics and fleet management
    solutions resellers
   *Institutional placing post period end raising #4.85 million net of
    expenses


Neil Johnson, Chairman of Cybit commented:

"These results mark an important landmark for Cybit as the company moves into
profit for the first time. The business has continued to deliver results and has
had an excellent first six months of the year across our full range of services
and products.

The company is now well positioned to build on this success. From our strong
financial base we intend to build the business through both organic and
potential acquisition led growth and look forward to the future with
confidence."


For further information please contact:

Richard Horsman                                     01480 389100
Chief Executive, Cybit Holdings Plc

Jonathon Brill                                      0207 861 3232
Bell Pottinger Financial



Chairman's Statement

The first six months trading has delivered substantial revenue growth and it is
pleasing to be able to report a transition to profitability for Cybit Holdings
Plc. The Company continues to build its position as one of the fastest growing
and most innovative Telematics Service Providers, with a track record of
delivering return on investment for its customers and partners. The Company has
achieved profits before tax of #38,000 (2002: loss #474,000) on first half
revenues of #4.0 million. This represents substantial growth over both first and
second half performance in 2002 (#2.2 million and #2.8 million respectively).


Business update

Cybit now has around 450 customers in the United Kingdom with more than 8,000
fixed and mobile assets supported by our services. The volume of business has
doubled since the same period last year. The internet-based Fleetstar-Online
service continues to generate substantial revenues for the Company. The cost
reductions available to our customers through this product has led to an
increasing number of large fleets adopting the solution. This has resulted in
the average number of vehicles implemented per customer increasing from eight in
2002 to 24 at the end of September this year.

Revenue generated from non-hardware related sources has continued to increase
with #188,000 generated in the first half. Cybit has also completed a number of
consulting engagements and contracts with enterprises such as AWG Plc, Fountains
Plc and Ryder Plc. We will look to further develop these services in the future.


Technology

Cybit has continued to maintain competitive advantage through the evolution of
its technology platforms during the first half of 2003.

Your Board believes that the Fleetstar-Online platform is now one of the most
scalable solutions of its type available in the market today. In addition to
fleet management integrated with SmartNav off-board satellite navigation, the
Fleetstar-Online hardware platform has been further enhanced to support RAC
Trackstar stolen vehicle tracking. The internet-based software application has
also been subject to on-going development including a number of performance and
reporting enhancements.

The cybitfleet.com platform has been upgraded with a new reporting suite based
on similar capabilities offered with Fleetstar-Online. Cybit has also enhanced
the General Packet Radio Service (GPRS) solution within cybitfleet to include
two-way messaging. Interest in the GPRS offering is increasing as it allows for
the development of cost-effective, real-time tracking applications and the
transmission of volume data between vehicle and base over the GSM network.


Indirect channels

Cybit has increased its focus on the development of channels to market that will
allow the company to accelerate growth and increase market share. The existing
partnerships with Lex Vehicle Leasing and Norwich Union continue to evolve and
deliver revenues to the company. In particular, I am delighted to report that
our initial success with Lex has resulted in a new three year agreement which
includes the proposed integration of Cybit's Fleetstar-Online technology into
Lex's "Interactive Fleet Manager Offering".

Cybit has signed an agreement with one of its key customers - brs Truck Rental -
for whom Cybit is developing a "white label" version of the Fleetstar-Online
solution as an integral element of a brs branded telematics solution. This
integrated solution will be offered as a premium service to both new and
existing brs customers.

The Company has also launched a major drive to recruit telematics and fleet
management solutions resellers. Significant reseller contracts have been signed
with Vanguard Plc and Signature Industries together with agreements with a
number of smaller specialist companies.

Cybit expects revenues from indirect sources to continue to grow during the
second half.


Drive-IT Systems AB

Further progress has been made with the Drive-IT car sharing technology.
Customer satisfaction within the existing user base has substantially increased
and this has resulted in additional units being installed in a number of
customer fleets. Drive-IT is now looking to expand use of the system within the
commercial sector and is currently engaged in extensive trials with a number of
organisations and potential customers.

In the UK, Smartmoves has successfully migrated to the Drive-IT internet-based
booking system and are continuing to install the technology in new vehicles as
they continue to expand their management fleet.

Although revenues are still modest, the outlook for the Drive-IT solution is
encouraging.


Group financial performance

Consolidated turnover for the period was #4.0 million with a profit before tax
of #38,000. Underlying performance of Cybit Limited was a net profit of #178,000
for the period.

In July, #483,000 net of costs was raised by way of a small private placing.
This cash was used for continued development of the current product portfolio
and additional working capital necessary to support the business.

The Group continued to be net cash generative during the period. Cash in hand as
at 30 September 2003 had more than doubled to #944,000 compared with #470,000 at
31 March 2003.


Market placing

It is pleasing to note that the positive developments in the Company in the past
year have been recognised not only amongst our customers but amongst the
financial community. In early November the Company was therefore able to raise
#5 million (#4.85 million net of expenses) in a single cash-raising placement
with financial institutions and investment funds, through the Company's brokers
KBC Peel Hunt. This placing was achieved at a price of 3p per share which has,
of course, underlined the inherent potential value of the business.



Outlook

Although trading conditions within our major markets remain challenging, these
results mark an important landmark for Cybit as the company moves into profit
for the first time. The business has continued to deliver results and has had an
excellent first six months of the year across our full range of services and
products.

The company is now well positioned to build on this success. From our strong
financial base we intend to build the business through both organic and
potential acquisition led growth and look forward to the future with confidence.


Neil Johnson
25 November 2003




CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the 6 months ended 30 September 2003

                                        Unaudited       Unaudited       Audited
                                   6 months ended  6 months ended    year ended
                                     30 September    30 September      31 March
                                             2003            2002          2003
                                                #               #             #

Turnover                                3,998,602       2,235,117     5,065,863
Cost of sales                         (1,450,144)       (613,297)   (1,294,095)
                                       ----------     -----------   -----------
Gross profit                            2,548,458       1,621,820     3,771,768
                                       ----------     -----------   -----------
Administrative expenses
Other operating expenses              (1,801,377)     (1,522,122)   (3,310,973)
Depreciation and goodwill
amortisation                            (178,119)       (197,713)     (389,445)
                                       ----------     -----------   -----------
Total administrative expenses         (1,979,496)     (1,719,835)   (3,700,418)
                                       ----------     -----------   -----------
Operating profit/(loss)                   568,962        (98,015)        71,350
Net interest and financing costs        (530,565)       (375,500)     (857,945)
                                       ----------     -----------   -----------
Profit/(loss) on ordinary
activities before taxation                 38,397       (473,515)     (786,595)
Tax on profit/(loss)
on ordinary activities                     20,000               -       125,000
                                       ----------     -----------   -----------
Retained profit/(loss)
transferred to/(from) reserves             58,397       (473,515)     (661,595)
                                       ----------     -----------   -----------
                                       ----------     -----------   -----------
Earnings/(loss) per share
Basic                                      0.008p         (0.07)p       (0.10)p
Diluted                                    0.002p               -             -
                                       ----------     -----------   -----------




CONSOLIDATED BALANCE SHEET
As at 30 September 2003

                                      Unaudited        Unaudited        Audited
                                 6 months ended   6 months ended     year ended
                                   30 September     30 September       31 March
                                           2003             2002           2003
                                              #                #              #
Fixed assets
Intangible assets                       728,932          932,159        839,091
Tangible assets                         347,251          390,271        369,984
                                     ----------      -----------    -----------
                                      1,076,183        1,322,430      1,209,075
Current assets
Stocks                                  136,289          128,023        145,688
Debtors: amounts falling due 
after more than one year                914,714          635,364        865,178
Debtors: amounts falling due
within one year                       1,471,460          781,334      1,092,621
Called up share capital
not paid                                  8,260            8,260          8,260
Cash at bank and in hand                944,393          310,410        470,016
                                     ----------      -----------    -----------
                                      3,475,116        1,863,391      2,581,763

Creditors: amounts falling due
within one year                     (1,646,369)        (995,366)    (1,582,810)
                                     ----------      -----------    -----------
Net current assets                    1,828,747          868,025        998,953
                                     ----------      -----------    -----------
Total assets less current
liabilities                           2,904,930        2,190,455      2,208,028

Creditors: amounts falling due
after more than one year              (765,674)        (416,188)      (687,929)
Provisions for liabilities
and charges                            (35,000)        (140,000)       (70,000)
                                     ----------      -----------    -----------
                                      2,104,256        1,634,267      1,450,099
                                     ----------      -----------    -----------

Capital and reserves
Called up share capital               6,871,444        6,725,444      6,725,444
Share premium account                 2,198,231        1,746,731      1,746,731
Other reserve                       (4,090,553)      (4,090,553)    (4,090,553)
Profit and loss account             (2,874,866)      (2,747,355)    (2,931,523)
                                     ----------      -----------    -----------
Shareholders' funds                   2,104,256        1,634,267      1,450,099
                                     ----------      -----------    -----------

The interim financial information was approved by the Board of Directors on 25
November 2003 and was signed on its behalf by

Richard Horsman - Chief Executive
Kevin Lawrence - Finance Director



CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 30 September 2003

                                        Unaudited       Unaudited       Audited
                                   6 months ended  6 months ended    year ended
                                     30 September    30 September      31 March
                                             2003            2002          2003
                                                #               #             #
                                       ----------     -----------   -----------
Net cash inflow from
operating activities                      679,078         515,312     1,184,111
                                       ----------     -----------   -----------
Returns on investments and
servicing of finance
Interest received                               -           4,650         7,085
Finance costs of assigning
debts to finance companies              (517,322)       (380,150)     (860,066)
Interest paid                            (13,243)              -        (4,964)
                                       ----------     -----------   -----------
Net cash outflow from returns 
on investments and servicing
of finance                              (530,565)       (375,500)     (857,945)
                                       ----------     -----------   -----------
Capital expenditure
Purchase of tangible fixed
assets                                   (29,990)        (27,428)      (35,570)
Purchase of intangible
fixed assets                              (6,388)        (76,533)      (73,188)
Sale of tangible fixed
assets                                          -          60,250        60,250
                                       ----------     -----------   -----------
Net cash outflow from
capital expenditure                      (36,378)        (43,711)      (48,508)
                                       ----------     -----------   -----------
Acquisitions
Purchase of business                           -               -      (100,000)
Purchase of subsidiary undertaking             -               -       (21,901)
Net overdrafts acquired with
subsidiary undertaking                         -               -       (28,193)
                                       ----------     -----------   -----------
Net cash outflow from
acquisitions                                   -               -      (150,094)
                                       ----------     -----------   -----------
Financing
Issue of shares                           500,000               -             -
Funds raised on sale and
leaseback of fixed assets                       -               -       100,000
Repayment of long term loan               (15,599)              -             -
Expenses paid in connection
with share issues                         (17,500)              -             -
Capital element of finance lease
rental payments                          (100,000)              -             -
                                       ----------     -----------   -----------
Net cash inflow from financing            366,901               -       100,000
                                       ----------     -----------   -----------
Increase in cash                          479,036          96,101       227,564
                                       ----------     -----------   -----------



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 30 September 2003

NET CASH INFLOW FROM OPERATING ACTIVITIES

                                   Unaudited          Unaudited         Audited
                              6 months ended     6 months ended      year ended
                                30 September       30 September        31 March
                                        2003               2002            2003
                                           #                  #               #
                                  ----------        -----------     -----------
Operating profit/(loss)              568,962            (98,015)         71,350
Depreciation and
amortisation                         178,119            197,713         389,445
Decrease/(increase) in stock           5,945            (58,899)          9,291
Increase in debtors                (410,183)           (207,814)      (596,835)
Increase in creditors                165,762            235,882       (816,996)
Increase in deferred
income                                90,473            446,445         563,864
Decrease in provisions for
liabilities and charges             (35,000)                 -         (70,000)
Issue of shares in lieu
of bonuses                           115,000                  -               -
                                  ----------        -----------     -----------
Net cash inflow from
operating activities                 679,078            515,312       1,184,111
                                  ----------        -----------     -----------



RECONCILIATION OF MOVEMENTS IN NET CASH

                  1 April  2003    Cash  flow    Other  non-cash    Exchange   30 September
                                                        changes    movements           2003
                               #             #                #            #              #
                        --------       -------          -------     --------      ---------
Cash in hand and         470,016       473,811                -          566        944,393
at bank
Bank overdrafts         (29,761)         5,225                -      (1,435)       (25,971)
                        --------       -------          -------     --------      ---------
                         440,255       479,036                -        (869)        918,422
Finance leases
due in less
than one year          (100,000)             -          100,000            -              -
Debts due
after more
than one year           (59,523)        15,599                -      (2,871)       (46,795)
                        --------       -------          -------     --------      ---------
                         280,732       494,635          100,000      (3,740)        871,627
                        --------       -------          -------     --------      ---------



RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS

                            Unaudited          Unaudited         Audited
                       6 months ended     6 months ended      year ended
                         30 September       30 September        31 March
                                 2003               2002            2003
                                    #                  #               #
                           ----------        -----------     -----------
Profit/(loss)
for the period                 38,397          (473,515)       (661,595)
Issue of shares in 
the period                    615,000                  -               -
Costs of share
issues                       (17,500)                  -               -
Other recognised
gains and losses in 
the period                    (1,740)                  -           3,912
                           ----------        -----------     -----------
Net increase/(decrease)
in shareholders' funds        634,157          (473,515)       (657,683)
Opening shareholders'
funds                       1,450,099          2,107,782       2,107,782
                           ----------        -----------     -----------
Closing shareholders'
funds                       2,084,256          1,634,267       1,450,099
                           ----------        -----------     -----------



NOTES TO THE FINANCIAL STATEMENTS

 1. The interim financial information does not constitute statutory accounts for
    the purpose of section 240 of the Companies Act 1985. The figures for the
    year ended 31 March 2003 have been extracted from the Group accounts for
    that year. Those financial statements have been delivered to the Registrar
    of Companies and included an auditors' report, which was unqualified.

 2. The interim financial information has been prepared using the same
    accounting policies and estimation techniques as set out in the Group
    accounts for the year ended 31 March 2003.

 3. The basic earnings/(loss) per share has been calculated based on the profit
    on ordinary activities after taxation and the weighted average number of
    ordinary shares of 0.1p each in issue for the period of six months to 30
    September of 774,798,284 (September 2002: 672,544,350 and March 2003:
    672,544,350).

 4. A copy of the Interim Statement is being sent to all shareholders and copies
    are available for collection from the Company's Registered Office at the
    address below:

        Cybit Holdings Plc
        IT House
        Chord Business Park
        London Road
        Godmanchester
        Cambridgeshire
        PE29 2NU
        www.cybit.co.uk





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