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Interim Results

RNS Number:0549W
Your Space PLC
22 December 2005



YOUR SPACE PLC



Your Space Plc ("Your Space" or the "Company") is pleased to announce its
unaudited Interim Results for the six months ended 30 September 2005



Highlights



* Turnover of #1,670,000 up #324,000 (24%)

* Profit before tax of #178,000 (2004 loss of #117,000)

* Profit per share of 0.89p

* Net asset value increase of #1,528,000 since period end 31 March 2005

* Planning permission granted to increase floor space at New Mount Street
property

* Property portfolio increase in value #1,350,000



CHAIRMAN'S STATEMENT



I am pleased to report on the unaudited results for the six months period ended
30 September 2005. The operating profit before taxation for the period was
#178,000 compared to a loss of #117,000 for the same period in 2004 on turnover
of #1,670,000 (2004: #1,348,000).



As previously indicated when our 2004 annual results were released in September,
the new executive team comprising CEO, Shaun Mealey and Finance Director, Jim
Millar, on their appointment immediately commenced a review of the Group's
business. The effect of the resultant changes is evident in these results, with
our like for like comparable interims significantly improved from last year.



The group has enjoyed like for like sales growth of 24% and an increase of
almost 80% in the gross profit margin to 33%. It has also registered an
increase in its net asset value during this period of #1,528,000 from
#5,363,000 last year to #6,890,000. Some #1,350,000 of this increase follows the
revaluation of the property portfolio.



In September we consolidated our share capital whereby every 10 ordinary shares
was consolidated into 1 new ordinary share. Shareholders also approved a share
buy back. Following the half-year end, we are restructuring part of our loan
book and expect to secure additional funding at more favourable terms with the
Bank of Ireland. The effect of this restructuring will be to generate an
additional #2,000,000 of cash.



We are now examining market opportunities, including the sale and lease back of
existing assets and acquisition of new properties. We will also consider
purchasing shares in the open market should the opportunity arise. The Board
will evaluate the best return on capital, to maximize shareholder value.



Trading has been good in the period. Your Space Clerkenwell Limited remains
fully occupied and a profitable contributor to the group.



Worskspace Northwest Ltd, which owns and manages our assets in Manchester and
the Midlands, is continuing to improve its performance and as indicated in our
September statement we have increased the average rent by 25% since January
2005. This has mainly been accomplished by refurbishment of the existing office
space at New Mount St, Manchester to a higher quality specification in keeping
with a Grade II listed building. All space that has been refurbished to this
standard has been successfully let and we currently have 75% of the building
occupied with the balance under restoration. We plan to finish the works in the
last quarter of the current financial year.



Planning permission has now been granted to extend the Grade II listed property
at New Mount Street Manchester, creating potential for a further 9000 sq ft of
office space to let. We await confirmation of planning consent relating to the
application made for the proposed student accommodation block on the adjacent
car-park that we own.



We plan to commence refurbishment work of our Midland asset based at Willenhall
in early February 2006 and, once again, as disclosed in our September
announcement, we have identified an additional 8,000 sq ft of floor space that
can be utilised for serviced offices. Excluding this space, the site currently
has an occupancy level of 68%. The Board intends to refurbish all current empty
space at the site, plus the aforementioned additional 8,000 sq ft to a high
standard comparable with the works being currently carried out at the Manchester
site. All works are managed by our in-house project management team.



Falconstate Limited continues to let its property at Frampton St, London, NW8 to
Psion plc and we retain our interest in the management of properties in
Bishopsgate and Hammersmith.



We are also pleased to announce that Mr Steve Turton will be joining the Board
as Development Director in January 2006. His focus will be new property
acquisitions. Steve has a wealth of knowledge in commercial property, having
spent the past 20 years in this sector working for the Royal Bank of Scotland.
In 2004 Steve was awarded the Royal Bank of Scotland Manager of the Year award
for the northern region and the Your Space Board is extremely pleased to have
attracted someone of Steve's experience and calibre to the executive team.



I would like to thank all Your Space employees who are working extremely hard to
make the business a success. As recognition of their commitment the
remuneration committee has recommended an award of options to key employees and
managers within the group. The number of options to be granted will cover a
total of 450,000 shares when exercised.



A special thank you is also in order to Mr Laurence Davies our non-executive
Director who has kindly waived his entitlement to 200,000 options so the net
effect is an increase of 250,000 share options but spread amongst numerous
employees within the group. The options will not be able to be exercised until
the end of 2008.



Finally, the past year has seen significant changes for your company and for the
first time since our conception in 2000 we are trading at a pre-tax profit and
with a significant increase in net asset value. I look to the future with
confidence.



Chris Philips Chairman Your Space plc