DOR Doriemus

RNS Number:8270K
TEP Exchange Group PLC
28 September 2001

                                                         For Immediate Release

                                                          28th September, 2001


                            TEP Exchange Group PLC
                           ("TEP" or "the Company")

         Interim Results for the six months ended 30th June, 2001


Chairman's Statement

TEP's ordinary shares were admitted to trading on the Alternative Investment
Market on 10th September, 2001 at which time #1.985 million of convertible
redeemable loan notes were converted into ordinary shares and the Company
raised #1.155 million (after expenses) by way of a placing of 18,812,500
ordinary shares at 8p per share.


Under the AIM Rules the Company is required to prepare a half yearly report in
respect of the six month period from the end of the financial period for which
financial information has been disclosed in the Company's Prospectus dated
30th August, 2001.



The Interim Results relate to a period prior to the publication of the
Prospectus and have been announced today to comply with the AIM Rules.





George Kynoch
Chairman
28th September, 2001




Profit And Loss Account
For the six months ended 30th June, 2001

                                                   Note        Six months ended
                                                                30th June, 2001
                                                                    (unaudited)
                                                                           #000

Turnover                                                                     50
Operating expenses                                                        (887)
                                                                       --------
Operating loss                                                            (837)

Interest receivable                                                          18
                                                                       --------
Loss on ordinary activities before taxation                               (819)

Taxation                                             3                        -
                                                                       --------
Loss on ordinary activities after taxation                                (819)
                                                                       --------

Loss per share                                                          (1.14p)
                                                                       ========


Balance Sheet
as at 30th June, 2001


                                                          As at 30th June, 2001
                                                                    (Unaudited)
                                                                #000       #000

Fixed Assets                                                                169

Current Assets
Debtors and prepayments                                          362
Cash at bank and in hand                                         175
                                                            --------
                                                                 537


Creditors: Amounts falling due within one year               (1,046)
                                                            --------

Net Current Liabilities                                                   (509)

Creditors: amounts falling due after more than one year
Convertible redeemable loan notes                                       (1,985)
                                                                       --------
Net Liabilities                                                         (2,325)
                                                                       --------

Capital and Reserves
Share Capital                                                               720
Share Premium Account                                                       962
Profit and Loss Account                                                 (4,007)
                                                                       --------

Shareholders' Funds                                                     (2,325)
                                                                       --------


Notes to the Interim Results


1.       Basis of preparation

The Interim accounts for the six months ended 30th June, 2001 are unaudited
and do not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.


2.       Dividends

No dividend is proposed for the six months ended 30th June, 2001.


3.       Taxation

No taxation is expected to arise on the result for the period.


4.       Loss per Share

The earnings per share has been calculated by dividing the loss after taxation
for the period of #819,000 by the weighted average number of ordinary shares
of 72,000,000 in issue during the period.


5.       Copies of the Interim Results will be sent to Shareholders shortly
and will be available to members of the public from the Company's registered
office, 77 Muswell Hill, London, N10 3PJ. Full accounts for the year ended
31st December, 2000, on which the auditors gave an unqualified report and
contained no statement under Section 237 (2) or (3) of the Companies Act 1985,
have been delivered to the Registrar of Companies.

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