RNS Number:8877P
Urbium PLC
18 September 2003



Embargoed until 0700                                          18 September 2003

                                   Urbium PLC
                          ("Urbium" or "the Company")

             Interim Results for the Six Months Ended 29 June 2003

Financial Highlights
Urbium, the bar nightclub operator, today announces interim results for the
first half of its 2003 financial year. On the demerger of the Intellectual
Property division in May 2002, Urbium became a focused bar nightclub business
and the results for these continuing operations are highlighted separately
below:

Continuing Business
* Turnover up by 26% to #31.25 million (2002: #24.9m)

* EBITDA up by 34% to #5.93 million (2002: #4.44m)

* Operating profit before goodwill amortisation and exceptional
  items up by 27% to #3.8m (2002: #3.0m)

* Profit before tax, goodwill amortisation and exceptional
  items up by 24% to #3.07m (2002: #2.48m)

* Adjusted earnings per share* up by 21% 19.6p (2002: 16.2p)

Total Company
* Turnover #31.2m (2002: #27.6m)

* Profit before taxation #2.5m (2002: loss #1.5m)

* Earnings per share* 13.7p (2002: loss per share 25.3p)

*The earnings per share calculation reflects the share consolidation completed
 on 1 July 2003.

Trading Highlights
* Strong performance from the Tiger Tiger brand - like for
  like sales increased by 4% in the first half

* Robust performance in London's West End - market share
  increased despite adverse local market influences

* First business in the City of London a significant success,
  confirming potential identified in this market

* Group's financial position remains robust - gearing
  expected to fall significantly by the year end

Growth Strategy
* Continued roll-out of Tiger Tiger brand in both large
  capacity and smaller formats - at least three additional units to open by 
  end of 2004

* First smaller format Tiger Tiger to open in Aberdeen in the
  first half of 2004, subject to licensing

* Further expansion in the City of London with at least three
  sites secured for 2004, subject to licensing

* Continued reinvestment in existing estate

John Conlan, Chairman said: "Given the general softness in leisure consumer
demand that prevailed during the first half together with some more specific
adverse local market influences this is a robust performance. The most
significant influence on this strong performance was the early and swift
execution of a series of initiatives to capture additional market share and to
further hone the efficiency of the business both at corporate and operational
level. These strategic actions will continue to produce further benefits, both
in the second half of 2003 and into 2004.

"As ever, the majority of Urbium's profits will be generated in the second half
with December the key trading period. The relevant operational and marketing
plans designed to deliver this performance are well advanced and the Board has
confidence in management's ability to deliver growth for this year and in the
future".

Enquiries:

Urbium PLC                                    (18 September 2003) 020 7067 0700
John Conlan, Chairman                                (Thereafter) 020 7434 0030
Robert Cohen, Managing Director
Steven Palmer, Finance Director

Weber Shandwick Square Mile                                       020 7067 0700
Kevin Smith / Becky Haywood


Embargoed until 0700                                          18 September 2003

                                   Urbium PLC
                          ("Urbium" or "the Company")

             Interim Results for the Six Months Ended 29 June 2003

                              Chairman's Statement

Following the demerger of its intellectual property interests in May 2002,
Urbium became a tightly focussed bar nightclub business. I am pleased to be able
to report to shareholders that this business has been able to deliver continuing
substantial growth in the six month period to 29 June 2003.

Sales for the period from continuing operations rose by 26% to #31.2m (2002:
#24.9m). Operating profit from continuing operations before goodwill
amortisation and exceptional items improved by 27% to #3.8m (2002: #3.0m).
Profit from continuing operations before goodwill amortisation exceptional
items, and tax increased by 24% to #3.1m (2002: #2.5m). Adjusted earnings per
share from the continuing operations before goodwill amortisation and
exceptional items increased by 22% to 0.39p.

The reported results for the prior six month period included an exceptional item
of #3.9m relating to the demerger and a 17 week contribution from the demerged
interests. Consequently, total operating profit of #3.2m compared to a loss of
#1.0m in the same period last year and profit before taxation was #2.5m (2002:
loss of #1.5m). The headline earnings per share of 0.27p compare to losses per
share of (0.51p).

As previously indicated, no interim dividend is being proposed for 2003. The
Directors will announce the Group's dividend policy with the 2003 preliminary
results.

TRADING SUMMARY
Given the general softness in leisure consumer demand that prevailed during the
first half of the year together with some more specific adverse local market
influences, such as the extended closure of the Central Line in London, this is
a robust Urbium performance. The quality of our businesses, and their deliberate
positioning in premium and generally less competitive markets, provides a degree
of resilience to these factors. However, the most significant influence on this
strong performance was the early and swift execution of a series of initiatives
to capture additional market share and to further hone the efficiency of the
business both at the corporate and operational levels. These strategic actions
will continue to produce further benefits, both in the second half of 2003 and
into 2004.

Apart from the measures described above, the next most significant contribution
to the substantial rise in operating profit came from new businesses that were
opened in 2002, together with continuing growth from a number of Tiger Tigers
opened in earlier years.

Financially, the company is in a secure and comfortable position. At 29 June net
debt was #30m, unchanged from the December 2002 year end. This was a good result
given that the first half is traditionally 'low season' for Urbium and virtually
all of our reinvestment capital in existing outlets is expended at this time.
Given our seasonally stronger second half, together with our previously
announced strategy of deferring capital investment in new businesses during 2003
until better value was available in the market, we expect to have achieved a
significant reduction in net debt by the year end. The group is trading well
within its banking covenants and borrowing limits.

Trading margins have been well maintained during the period. Liquor constituted
78% of our total sales and our already high margin was maintained during the
period. In food, which accounts for 13% of sales, we have tactically surrendered
some margin to build substantial additional sales at lunchtime and early evening
and have derived further benefits from additional liquor sales in those periods.

OPERATIONAL REVIEW
Urbium's prime assets are its market leading Tiger Tiger brand and its unique
position and large market share in central London. Both have contributed
strongly to this good first half result.

Tiger Tiger
This large capacity concept, fitted out to a high standard for a premium market
and uniquely blending bar, restaurant and nightclub traded from eight locations
during the period.

Overall the Tiger Tiger brand has performed strongly in the six months to June
with like for like sales including Birmingham 4% ahead of the previous year.

In January 2003 we took the opportunity to enhance the design of the ground
floor and nightclub areas of the original Tiger Tiger in London's Haymarket,
which opened in November 1998. As a result of this action and other local
management initiatives the business has strengthened considerably and produced
its best ever first half trading performance.

As indicated last year, Tiger Tiger Birmingham has considerably underperformed
both our investment expectations for the development and the other Tiger Tiger
units. This was the first Tiger Tiger unit we opened outside of London and the
location in Birmingham is no longer suitable for this operating format. Rather
than persevere with an underperforming investment we decided to close in early
September in order to rebrand the venue. We will re-open in October with two
separate operations; Apt, a bar restaurant and Polaris, a contemporary
nightclub. Both will target an established and specialist Birmingham market. Our
management will operate this venue in conjunction with a local promotions
company who have a successful track record and in depth knowledge of both
Birmingham and the specialist target market.

The Tiger Tiger units at Leeds, Portsmouth and Manchester that were opened
between two and four years ago have all performed well, with sales ahead of the
previous year.

Tiger Tiger Croydon, which opened in March 2002, is now well established and
exceeded our sales expectation in the first half. Glasgow and Newcastle, which
were opened in August and November 2002 respectively, have together made a
strong contribution in the first half and are expected to build further in the
second half of 2003 and beyond.

The Tiger Tiger brand and format is now a firmly established and proven format
in the UK. By maintaining its brand values and standards, together with
carefully planned and timed modest reinvestment, the business has demonstrated a
real resilience and ability to maintain profits over an extended life cycle.
This ability has, we believe, significant but as yet unrecognised intrinsic
value for Urbium shareholders.

London
With 16 operations now trading in London's West End and one in the City, Urbium
has successfully achieved a substantial element of its strategy to acquire a
market leadership in Europe's single largest bar nightclub market. This is a
valuable asset.

The 'softness' in that London market over the past couple of years due to
various international and domestic political and economic pressures is well
documented. Despite all of this, London is still the most robust market in the
UK and Urbium's businesses have continued to demonstrate durability. Although
the market overall may not have grown, Urbium management have demonstrated a
real ability to grow market share.

For the first six months of 2003, London has, in football parlance, been a game
of two halves. In the first quarter the negative sentiment surrounding the war
in Iraq undoubtedly had some impact. However, for Urbium's businesses the loss
of the Central Line on the Underground system was much more significant. We have
built a substantial after work business and many of our customers, faced with
greatly extended journey times to their homes, were prepared to forgo their
regular after work drink. There was also some knock on effect on early evening
restaurant bookings. Immediately following the return to normal service on the
Central Line in April our business not only returned to normal, but overall
demonstrated like for like sales growth in the second quarter. However, due to
the first quarter impact, London like for like sales were down 2% for the six
months to June - a solid result in the circumstances.

Both in London and in the Tiger Tiger estate, Urbium has a strong restaurant and
food businesses that, together with our policy of not selling draught beers or
alcopops, sets us apart from many in the marketplace. Nationally, but
particularly in London, the restaurant and food business has been increasingly
competitive in recent years. Over time most of the conventional lower and even
mid-price lunch-time trade was being lost to the fast food brands and the newer
coffee bar and sandwich concepts. To counteract this continuing erosion, in the
first quarter Urbium, both in London and in the regional Tiger Tigers, launched
a major lunchtime initiative to provide fast, full service, freshly cooked food
at very competitive price points. The project has been an outstanding success
both in London and nationally. The gross margin surrendered to achieve the
competitive price points has been more than offset by the material increase in
lunchtime food sales and ancillary full margin liquor sales.

In addition to Tiger Tiger in the Haymarket, strong individual trading results
were also achieved by Babble, Digress, The Loop, Motion, On Anon, and Sway.

During the period we also made a modest reinvestment to revitalise the long
established Zoo Bar off Leicester Square. Following relaunch, this business has
responded well and we believe that the reinvestment and complementary management
initiatives will secure an extended life cycle for this large and important
Urbium unit.

Our late 2002 investment to open the 750 capacity Digress bar and restaurant at
Ropemaker Street near Moorgate in the City of London has been an outstanding
success. Our contemporary format and operating style has been very well received
and confirms our view, expressed in early 2002, that the City market holds
substantial potential for Urbium.

New Developments
Since the second quarter of 2002 we have been deliberately conserving our new
business investment resources and maintaining maximum flexibility in our
development commitments until we considered that the values of property and
businesses for sale fully reflected the sector downturn and the prevailing
economic conditions. Over recent months we have found that leisure property
rents have become more realistic and we have begun to make some new commitments
on a selective basis whilst maintaining our capital expenditure within our cash
generation capacity. This should lead to a significant reduction in debt at the
end of 2003.

Our second City of London operation will open in the New Year at a high profile
site in Cornhill, close to Bank underground station. With an overall capacity of
900 this contemporary operation will feature the established Urbium bar
nightclub format and will also benefit from a late licence.

Subject only to the receipt of the appropriate licences, our first smaller
capacity Tiger Tiger will open in Aberdeen in the first half of 2004. This
adaptation of the Tiger Tiger format will retain the unique mix of bar,
restaurant and nightclub which is the hallmark of the brand but in a smaller
unit footprint. In time, we expect the new format to provide us with a major
opportunity to exploit the brand in a wide range of smaller UK markets.

The most significant current reinvestment in our existing estate will be at the
former Bar Madrid unit in Winsley Street just north of Oxford Street. This long
established bar nightclub, trading with a Latin format, had reached the end of
its lifecycle and trade no longer reflected the potential of this 575 capacity
site with a valuable 3am licence. The redevelopment was originally planned for
early 2004 but we recently decided to advance the closure to the end of August
2003. It is scheduled to re-open prior to Christmas 2003 as "Wax", a
contemporary bar nightclub concept similar to many of our other West End
outlets. As a result we will enjoy the commercial benefit of a full years
trading in 2004. The carrying costs of the closure period together with the
pre-opening and launch costs will however be borne in 2003.

OUTLOOK
The unprecedented hot weather conditions at the end of July and through August
not surprisingly had a significant adverse impact on leisure retail spend across
a wide range of indoor businesses. Urbium was not immune to this and
consequently revenue in comparable units fell by 5% in the eleven weeks to 14
September 2002.

However, since the beginning of September trading has been slowly recovering to
more normal seasonal levels with the result that like for like sales on a weekly
basis had returned to last year's levels by the last week of this period.

The majority of the groups profits are generated in the second half with
December the key trading period. The relevant operational and marketing plans
designed to deliver this substantial surge in second half profits are well
advanced.

Since the business was founded in 1998, management have consistently delivered
year on year growth. The Board has confidence in management's ability to deliver
growth for this year and for the future.

John Conlan
CHAIRMAN                                                    18 September 2003

                                    - Ends -

Urbium PLC
Group Profit and Loss Account
for the six months ended 29 June 2003


                                 Notes   Six months   Six months       Year to
                                         to 29 June   to 30 June   31 December
                                               2003         2002          2002
                                              #000s        #000s         #000s

Turnover                             2

Continuing operations                        31,247       24,895        59,925
Discontinued operations                           -        2,682         2,818
                                          -----------  -----------   -----------
                                             31,247       27,577        62,743
Cost of sales                                (6,906)      (5,367)      (12,461)
                                          -----------  -----------   -----------
Gross profit                                 24,341       22,210        50,282
Net operating expenses                      (21,128)     (23,186)      (44,782)

Operating Profit / (loss)            2
 Continuing operations before 
  amortisation                                3,816        2,984        10,302
 Amortisation of intangible assets             (603)        (537)       (1,157)
 Exceptional demerger costs                       -       (3,850)       (3,869)
                                          -----------  -----------   -----------
                                              3,213       (1,403)        5,276
                                          -----------  -----------   -----------
 Discontinued operations before
  amortisation                                    -          698           477
 Amortisation of intangible assets                -         (271)         (253)
                                          -----------  -----------   -----------
                                                  -          427           224
                                          -----------  -----------   -----------
Group operating profit/(loss)                 3,213         (976)        5,500
Interest payable                     3         (776)        (514)       (1,274)
Interest receivable and similar
 income                              4           28            6            32
                                          -----------  -----------   -----------
Profit/(loss) on ordinary
 activities before taxation                   2,465       (1,484)        4,258
Tax on profit/(loss) on ordinary
 activities                          5       (1,043)      (1,026)       (2,979)
                                          -----------  -----------   -----------
Profit/(loss) on ordinary
 activities after taxation                    1,422       (2,510)        1,279     
Equity minority interests                         -         (105)         (105)
                                          -----------  -----------   -----------
Profit/(loss) for the financial
 period                                       1,422       (2,615)        1,174
                                          -----------  -----------   -----------

Earnings/(losses) per share            
 Basic                          6             0.27p       (0.51)p        0.23p
 Diluted                                      0.27p       (0.51)p        0.22p
 Adjusted continuing operations               0.39p         0.32p        1.21p



Urbium PLC
Group Balance Sheet
at 29 June 2003

                                                  2003        2002        2002
                                                 #000s       #000s       #000s

Fixed assets
 Intangible assets                              17,017      18,317      17,608
 Tangible assets                                46,725      39,040      46,177
                                             ----------- ----------- -----------
                                                63,742      57,357      63,785
                                             ----------- ----------- -----------
Current assets
 Stocks                                          1,094         918       1,403
 Debtors due within one year                     5,995       4,573       4,422
 Debtors due after more than one year            1,184       1,184       1,184
 Cash at bank and in hand                        1,661       1,139       2,450
                                             ----------- ----------- -----------
                                                 9,934       7,814       9,459
Creditors amounts falling due within one year  (11,983)    (20,354)    (12,248)
                                             ----------- ----------- -----------

Net current liabilities                         (2,049)    (12,540)     (2,789)
                                             ----------- ----------- -----------
Total assets less current liabilities           61,693      44,817      60,996
Creditors amounts falling due after more
 than one year                                 (31,000)    (20,000)    (32,000)
Provisions for liabilities and charges          (3,886)     (3,323)     (3,611)
                                             ----------- ----------- -----------
Net assets                                      26,807      21,494      25,385
                                             ----------- ----------- -----------

Capital and reserves
 Called up share capital                         5,175       5,175       5,175
 Other reserve                                  13,529      13,427      13,529
 Profit and loss account                         8,103       2,892       6,681
                                             ----------- ----------- -----------
Equity shareholders' funds                      26,807      21,494      25,385
                                             ----------- ----------- -----------


Consolidated Cash Flow Statement
at 29 June 2003
                                         Six months   Six months       Year to
                                         to 29 June   to 30 June   31 December
                                               2003         2002          2002
                                 Notes        #000s        #000s         #000s

Net cash inflow from operating
 activities                          7        3,527        2,787         3,832
Returns on investment and 
 servicing of finance                          (701)        (508)       (1,276)
Taxation                                       (222)        (633)         (958)
Capital expenditure and financial
 investment                                  (2,715)      (5,156)      (14,212)
Acquisitions and disposals                        -       (1,233)       (1,170)
Equity dividend paid                              -       (1,811)       (1,811)
                                          -----------  -----------   -----------
Net cash outflow before financing              (111)      (6,554)      (15,595)
Financing                                    (1,000)       6,030        18,030
                                          -----------  -----------   -----------
(Decrease)/increase in cash in 
 period                              8       (1,111)        (524)        2,435
                                          -----------  -----------   -----------


Reconciliation of Movement in Shareholders' Funds
For the period ended 29 June 2003

                                       Six months    Six months        Year to
                                       to 29 June    to 30 June    31 December
                                             2003          2002           2002
                                            #000s         #000s          #000s

Retained profit/(loss) for the period       1,422        (2,615)         1,174
Issue of ordinary shares                        -            30             30
Adjustments arising from demerger               -       (40,923)       (40,821)
                                         ----------   -----------    -----------
Net addition/(reduction) to equity
 shareholders' funds                        1,422       (43,508)       (39,617)
Opening equity shareholders' funds at
 beginning of period                       25,385        65,002         65,002
                                         ----------   -----------    -----------
Closing equity shareholders' funds at
 end of period                             26,807        21,494         25,385
                                         ----------   -----------    -----------

Statement of Total Recognised Gains and Losses
for the six months ended 29 June 2003
                                        Six months   Six months        Year to
                                        to 29 June   to 30 June    31 December
                                              2003         2002           2002
                                             #000s        #000s          #000s

Profit/(loss) for the financial period       1,422       (2,615)         1,174
Prior year adjustment                            -          253            253
                                         -----------  -----------    -----------
Total recognised gains and losses
 since last Annual Report                    1,422       (2,362)         1,427
                                         -----------  -----------    -----------

In the prior period the Group adopted FRS 19: Deferred tax. This resulted in a
prior year adjustment, which increased net assets at 1 January 2002 by #253,000.



Notes to the Interim Results
for the six months ended 29 June 2003

1. Basis of preparation

Comparative figures
The accounting policies adopted by Urbium PLC are consistent with those
disclosed in the Report and Accounts for the year ended 31 December 2002.

Accounting policies
Urbium PLC acquired Urbium Bars PLC (formerly Chorion PLC) following a scheme of
arrangement and demerger of its Intellectual Property business on 17 May 2002.
Urbium PLC was incorporated on 27 February 2002 but these accounts have been
prepared on a merger accounting basis as if Urbium PLC had been the ultimate
holding company throughout all periods reported. Accordingly the comparatives
include the results and net assets of Urbium Bars PLC for 2002. The demerger of
the Intellectual property business has been treated as a disposal at the date of
the demerger.

2. Segmental analysis

(a)Turnover

Continuing operations
The Group has only one continuing activity, the operation of bar nightclubs. All
activities are carried out in the United Kingdom

Discontinued operations
The Group had one principal discontinued activity, the operation of an
intellectual property business, which was demerged on 17 May 2002. Also included
is discontinued activities is the operation of the Drop Ride in the Trocadero
which the Group closed on 30 September 2002.

(b) Profit/(loss) before taxation

                                  Six months      Six months           Year to
                                  to 29 June      to 30 June       31 December
                                        2003            2002              2002
                                       #000s           #000s             #000s

Continuing operations
Bar nightclubs                         4,450           3,774            11,835
Central costs                           (634)           (790)           (1,533)
                                   -----------     -----------       -----------
                                       3,816           2,984            10,302
Exceptional demerger costs                 -          (3,850)           (3,869)
Amortisation of intangible assets       (603)           (537)           (1,157)
                                   -----------     -----------       -----------
                                       3,213          (1,403)            5,276
                                   -----------     -----------       -----------

Discontinued operations
Intellectual Property                      -             729               561
Other                                      -             (31)              (84)
Amortisation of intangible assets          -            (271)             (253)
                                   -----------     -----------       -----------
                                           -             427               224
                                   -----------     -----------       -----------

Group operating profit / (loss)        3,213            (976)            5,500
Net interest payable                    (748)           (508)           (1,242)
                                   -----------     -----------       -----------
Profit/(loss) before taxation          2,465          (1,484)            4,258
                                   -----------     -----------       -----------

The central costs relate to the central running expenses of the Company. Central
costs for the prior periods until 17 May 2002 include central costs associated
with the enlarged business including the demerged Intellectual Property
business.

3. Interest payable

                                   Six months     Six months           Year to
                              to 29 June 2003     to 30 June       31 December

                                                        2002              2002
                                       #000s           #000s             #000s

Bank interest                            726             464             1,190
Bank charges and finance fees             50              50                84
                                   -----------     -----------       -----------
                                         776             514             1,274
                                   -----------     -----------       -----------

4. Interest receivable and similar income

                              Six months        Six months             Year to
                              to 29 June        to 30 June         31 December
                                    2003              2002                2002
                                   #000s             #000s               #000s

Interest receivable                   28                 6                  32
                                ----------       -----------         -----------

5. Taxation

The tax charge is based on an estimate for the year ended 31 December 2003. The
effective rate based on profit before amortisation of intangible assets and
exceptional items is 34% (2002: 32%).

6. Earnings/(losses) per share
                                              Six Months to 29 June 2003
                                         Continuing   Discontinued       Total
                                              #000s          #000s       #000s
Earnings/(losses)

Basic and diluted earnings                    1,422              -       1,422
Amortisation of intangible assets               603              -         603
                                          -----------    ----------- -----------
Adjusted earnings before amortisation of 
 intangibles                                  2,025              -       2,025
                                          -----------    ----------- -----------

                                               Six Months to 30 June 2002
                                         Continuing   Discontinued       Total
                                              #000s          #000s       #000s
Earnings/(losses)

Basic and diluted earnings                   (2,708)            93      (2,615)
Amortisation of intangible assets               537            271         808
Exceptional demerger costs                    3,850              -       3,850
                                          -----------    ----------- -----------
Adjusted earnings before amortisation of      
 intangibles and exceptional items            1,679            364       2,043
                                          -----------    ----------- -----------

                                               Year Ended 31 December 2002
                                         Continuing   Discontinued       Total
                                              #000s          #000s       #000s
Earnings/(losses)

Basic and diluted earnings                    1,224            (50)      1,174
Amortisation of intangible assets             1,157            253       1,410
Exceptional demerger costs                    3,869              -       3,869
                                          -----------    ----------- -----------
Adjusted earnings before amortisation of      
 intangibles and exceptional items            6,250            203       6,453          
                                          -----------    ----------- -----------


                                      Six months    Six months          Year to
                                      to 29 June    to 30 June      31 December
                                            2003          2002             2002
Earnings/(losses) per share
Basic                                     0.27p         (0.51)p           0.23p
Diluted                                   0.27p         (0.51)p           0.22p
Adjusted - continuing operations          0.39p          0.32p            1.21p

The calculation of basic earnings per share is based on profit after tax and
minority interests. The calculation of adjusted earnings uses the basic earnings
from continuing operations before charging amortisation of intangible assets and
exceptional demerger costs.

The weighted average number of ordinary shares in issue during the period used
in the calculation of the basic, adjusted and diluted earnings per share is as
follows:

                                        Six months    Six months       Year to
                                        to 29 June    to 30 June   31 December
                                              2003          2002          2002
Weighted average number of shares in
 issue during the period used in
 the calculation of basic and
 adjusted basic earnings per share     517,529,637   517,476,988   517,503,529
                                         ---------     ---------    ----------
Dilutive effect of options treated
 as exercisable at the year end                  -    23,930,625    13,618,940
                                         ---------     ---------    ----------
Weighted average number of shares in
 issue during he period used in the                         
 calculation of diluted earnings
 per share                             517,529,637   541,407,613   531,122,469
                                         ---------     ---------    ----------

No options (2002: 26,440,499), exercisable at prices below the average Urbium
share price for the period, are included in the above calculation.

On 1 July 2003 the issued and unissued ordinary shares of 1p each in the Company
were consolidated. For every 50 existing 1p shares, one new ordinary share of
50p was exchanged. Although this change took place outside the accounting period
reported on in these interim financial statements, the weighted average number
of shares has been recalculated, as set out below, to show the impact upon the
earnings per share.

                                         Six months   Six months       Year to
                                         to 29 June   to 30 June   31 December
                                               2003         2002          2002
Weighted average number of shares in
 issue during the period used in the
 calculation of basic and adjusted basic
 earnings per share                      10,350,593   10,349,539    10,350,070
                                          ---------     --------    ----------
Dilutive effect of options treated as
 exercisable at the year end                      -      478,612       272,378
                                          ---------    ---------    ----------
Weighted average number of shares in
 issue during the period used in the                            
 calculation of diluted earnings
 per share                               10,350,593   10,828,151    10,622,448
                                          ---------    ---------    ----------

6. Earnings/(losses) per share continued

                                   Six months      Six months           Year to
                                   to 29 June      to 30 June       31 December
                                         2003            2002              2002
Earnings/(losses) per share
Basic                                   13.7p          (25.3)p            11.3p
Diluted                                 13.7p          (25.3)p            11.1p
Adjusted - continuing operations        19.6p           16.2p             60.4p

7. Reconciliation of operating profit to net cash inflow from operating
   activities
                                  Six months      Six months           Year to
                                  to 29 June      to 30 June       31 December
                                        2003            2002              2002
                                       #000s           #000s             #000s

Group operating profit/(loss)          3,213            (976)            5,500
Amortisation of intangible assets        603             808             1,410
Amortisation of film investment            -             250               250
Depreciation                           2,110           1,520             3,275
Loss on disposal of assets                45               -                10
Decrease/(increase) in stock             309             (52)             (537)
(Increase)/decrease in debtors        (1,636)           (102)              232
(Decrease)/increase in creditors      (1,117)          1,339            (6,308)
                                   -----------     -----------       -----------
Net cash inflow from operating
 activities                            3,527           2,787             3,832
                                   -----------     -----------       -----------

8. Reconciliation of net cash flow to movement in debt

                                       Six months    Six months        Year to
                                       to 29 June    to 30 June    31 December
                                             2003          2002           2002
                                            #000s         #000s          #000s

(Decrease)/increase in cash in period      (1,111)         (524)         2,435
Cash flow from decrease/(increase) in
 debt finance                               1,000        (6,000)       (18,000)
                                        -----------   -----------    -----------
Changes in net debt from cash flow           (111)       (6,524)       (15,565)
Net debt at start of period               (29,931)      (14,366)       (14,366)
                                        -----------   -----------    -----------
Net debt at end of period                 (30,042)      (20,890)       (29,931)
                                        -----------   -----------    -----------

9. Analysis of changes in net debt during the period
                                     As at                               As at
                                 1 January         Cash Flow           29 June
                                     #000s             #000s             #000s

Cash at bank and in hand             2,450              (789)            1,661
Overdrafts                            (381)             (322)             (703)
Debt due after one year            (32,000)            1,000           (31,000)
                                  ----------       -----------       -----------
                                   (29,931)             (111)          (30,042)
                                  ----------       -----------       -----------

______________________________________________________________________________

The interim results do not constitute full accounts within the meaning of
Section 240 of the Companies Act 1985. The comparative figures for the financial
year ended 31 December 2002 are not the statutory accounts of Urbium PLC for
that financial year but are abridged from them. Those accounts have been
reported on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors KPMG Audit Plc, was unqualified and did
not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.

Copies of the interim statement will be sent to shareholders on 23 September
2003 and are available from the Company's registered office and on the Company's
website, www.urbium.com.




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

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