RNS Number:6280S
Base Group PLC
28 November 2003

                                 Base Group plc

     Unaudited Interim Results for Base Group plc for the 6 months ended 
                                 31 August 2003
     


Chairman's Statement

I am pleased to present the unaudited interim results for the Base Group plc for
the six months ended 31 August 2003.


Trading during the period was extremely disappointing with turnover reducing to
#332,000 (6 months to 30 June 2002: #428,000) and losses before goodwill
amortisation and impairment amounting to #744,000 (6 months to 30 June 2002:
loss of #511,000).


Following this performance, the Board were left with no choice but to review the
ongoing viability of the group's trading operations, particularly bearing in
mind the new "transfer window" system which would mean that only one month of
football transfers would take place in the second six months of the financial
year.



As I reported on 13 November 2003, and following discussions with the company's
advisers, Collins Stewart, the Board agreed to sell the entire issued share
capital of the group's trading subsidiaries, Base Soccer Agency Limited and Time
Management Global Limited for #1 each, to Base Sport Limited, a company owned by
Leon Angel, a former director of Base Group plc. This decision was taken
following a review of projected cash flow which indicated that, without the sale
of the businesses, the group was likely to run out of working capital by late
Spring 2004.



Following the sale of the only trading operations, Base Group plc has now become
a shell company, retaining its AIM quotation and approximately #350,000 of free
cash. On-going overheads are minimal, only representing necessary "plc" costs.



The Board is now actively exploring all avenues with a view to maximising
shareholder value including potential acquisitions.



Adrian Bradshaw

28 November 2003









For further information, contact



Adrian Bradshaw          020 7495 5524


Base Group plc
Unaudited results for 6 months ended 31 August 2003

Consolidated Profit and Loss Account

                                                      6 months              6 months                14 months
                                                    to 31/8/03            to 30/6/02               to 28/2/03
                                                   (Unaudited)           (Unaudited)                (Audited)
                                        Note              #000                  #000                     #000

Turnover
Continuing operations                                      332                   407                    1,479
Acquisition                                                  -                    21                       53
                                                           332                   428                    1,532

Cost of sales                                            (108)                 (205)                    (366)

Gross profit                                               224                   223                    1,166

Administrative expenses                                  (746)                 (511)                  (1,749)
Goodwill amortisation and impairment       3             (391)               (1,026)                  (1,711)
                                                                                   -                        -
                                                       (1,137)               (1,537)                  (3,460)

Operating loss                                           (913)               (1,314)                  (2,294)

Net interest receivable                                      8                    35                       57

Loss on ordinary activities before taxation              (905)               (1,279)                  (2,237)

Taxation                                                     -                     -                        -

Loss for the financial period                            (905)               (1,279)                  (2,237)


Loss per ordinary share:
   Basic                                   4           (0.11)p               (0.16)p                  (0.28)p
   Diluted                                             (0.11)p               (0.15)p                  (0.28)p


Operating (loss) before exceptional items can be analysed between continuing and discontinued
operations as follows:

                                                      6 months              6 months                14 months
                                                    to 31/8/03            to 30/6/02               to 28/2/03
                                                   (Unaudited)           (Unaudited)                (Audited)
                                                          #000                  #000                     #000
Continuing operations                                    (913)                 (714)                  (1,599)
Acquisitions                                                 -                 (600)                    (695)

                                                         (913)               (1,314)                  (2,294)




Consolidated Balance Sheet

                                                           6 months      6 months                    14 months
                                                            to 31/8    to 30/6/02                   to 28/2/03
                                                                /03
                                                        (Unaudited)   (Unaudited)                    (Audited)
                                                               #000          #000                         #000

Fixed Assets
Intangible assets                                                           1,293                          484
                                                                  -
Tangible assets                                                  37            44                           41
                                                                 37         1,337                          525

Current Assets
Debtors                                                         317           444                          341
Cash at bank and in hand                                        575         1,466                        1,043
                                                                892         1,910                        1,384

Creditors:                      Amounts falling due           (452)         (691)                        (428)
                                within one year

Net current assets                                              440         1,219                          956

Total assets less current liabilities                           477         2,556                        1,481


Capital and reserves

Called up share capital                                       8,399         7,975                        8,399
Shares to be issued                                                           640                           99
                                                                  -
Share premium account                                         3,011         3,011                        3,011
Other reserves                                                3,330         3,330                        3,330
Profit and loss account                                    (14,263)      (12,400)                     (13,358)

Equity shareholders' funds                                      477         2,556                        1,481




Consolidated cash flow statement

for the 6 months ended 31st August 2003
                                                   6 months           6 months         14 months
                                                 to 31/8/03         to 30/6/02        to 28/2/03
                                                (Unaudited)        (Unaudited)         (Audited)
                                     Note              #000               #000              #000



Net cash outflow from operating          1            (474)              (528)             (851)
activities

Returns on investments and servicing of
finance
Net interest received                                     8                 35                57

Capital expenditure
Payments for tangible fixed                             (2)               (33)              (42)
assets

Acquisitions and
disposals
Acquisition of subsidiary
undertakings,
net of cash borrowings                                    -              (642)             (755)
acquired


Cash outflow before financing                         (468)            (1,168)           (1,591)

Financing                                                 -                  -                 -


Decrease in cash in the                               (468)            (1,168)           (1,591)
period




Reconciliation of movements in shareholders' funds

for the 6 months ended 31 August 2003

                                                          6 months          6 months         14 months
                                                        to 31/8/03        to 30/6/02        to 28/2/03
                                                       (Unaudited)       (Unaudited)         (Audited)
                                                              #000              #000              #000

Loss for the                                                 (905)           (1,279)           (2,237)
financial year

Shares issued                                                    -               300               724
                                                                                 

Cancellation of shares to                                     (99)                 -                 -
be issued                                                                          

Shares to be issued recognised in                                -               100             (424)
prior years                                                                      

Decrease in shares to be                                         -                 -              (17)
issued                                                                             


                                                           (1,004)             (879)           (1,954)

Opening                                                      1,481             3,435             3,435
shareholders' funds


Closing                                                        477             2,556             1,481
shareholders' funds






Notes to the Interim Accounts



1 .        Reconciliation of operating loss to net cash flow from operating
           activities

                                                             6 months       6 months    14 months
                                                           to 31/8/03     to 30/6/02   to 28/2/03
                                                            Unaudited      Unaudited      Audited
                                                                 #000           #000         #000

           Operating loss                                       (913)        (1,314)      (2,294)

           Goodwill amortisation and impairment and                                         1,644
           depreciation                                           391          1,026
           Working capital movements:
           Debtors                                                 27          (113)          (5)
           Creditors                                               21          (127)        (196)


           Net cash outflow from operating activities           (474)          (528)        (851)


2 .        This interim report was neither audited nor reviewed by the auditors. It does not
           constitute statutory accounts within the meaning of s240 of the Companies Act 1985, 
           but has been prepared using the accounting policies set out in the
           Group's 2002 Statutory Accounts. The financial information for the 14 months ended 28
           February 2003 was derived from the latest Group accounts which have been filed with 
           the Registrar of Companies and received an unqualified audit report which did not contain 
           statements under s237 (2) or (3).

3 .        The goodwill that arose on the acquisition of Icon Management Services Limited, parent 
           company of Base Soccer Agency Limited ("Base Soccer"), and the acquisition of Time Management 
           Global Limited ("TMG'') have been impaired to zero value as at 31 August 2003 in view of the 
           subsequent sale of "Base Soccer" and "TMG" for #1 each on 13 November 2003.

4 .        Loss per share were calculated on the group loss for the financial period and on the
           weighted average number of ordinary shares during the period of 839,944,149 (30 June 2002 :
           784,269,672).

5 .        The Board approved these Interim Accounts on 28 November 2003.



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

IR EAAFPAALDFFE