Fantastic news out just lately from this company and its links with BSKYB should propel the shares far higher than there current price.

Seriously undervalued in my opinion.

Last results reported. Look at the 19 million CASH on the balance Sheet.
AMSTRAD PLC
INTERIM STATEMENT
SIX MONTHS ENDED 31 DECEMBER 2002


Chairman's Statement

Financial Results


I am pleased to report on the results for the six month period ended 31 December
2002.


Amstrad Business


The Amstrad business made a profit before tax of #5.5m (2001: #2.5m) on sales of
#19.1m (2001: #18.4m). Earnings per share from the Amstrad business were 4.7p
(2001: 2.6p).


Amserve Business (E-m@ilers)


Amserve's loss before tax, after initial subsidies on phones as referred to
later in this Statement, was #5.5m (2001: #1.6m) on sales of #4.2m (2001:
#1.2m).


Group


The Group as a whole reported a pre tax break even result (2001: #0.9m profit)
on sales of #23.3m (2001: #19.6m). The earnings per share were 0.5p (2001:
1.2p).


The interim dividend is to be maintained at 0.8p (2001: 0.8p) per ordinary share
to be be paid on 8 April 2003 to shareholders on the register as at 21 February
2003.


The Group balance sheet remains strong with net assets of #23.4m (2001: #28.2m)
of which #18.9m (2001: #28.8m) was cash.


Operating Review


Amstrad Business


Sales of digital decoders ("set top boxes") to BSkyB were 4% higher in volume
terms than the same period last year but lower in value terms reflecting the
continuing price pressure on this business. Our focus remains on driving down
the cost of the set top box and in September 2002 we launched a new fourth
generation box. We have orders in place for the remainder of this financial year
and for the next financial year.


Our continued focus on quality control has enabled us to release #0.7m at the
half year from provisions against potential warranty costs for past supplies of
set top boxes where warranty costs incurred have been lower than anticipated.


The Hong Kong business had a very successful first half with direct shipments of
audio products, mainly to the US market, significantly ahead of the same period
last year.

Amserve Business


As part of a deliberate and planned marketing exercise, the retail price of the
second generation e-m@iler ("the e-m@iler plus") was halved to #49.99 by most
retail outlets after Christmas in a move aimed at significantly increasing the
installed base. In addition to the 125k units of the original model sold,
approximately 85k units of the new model have now been bought and registered by
consumers since the launch in February 2002, of which 41k units have been
registered since Christmas. This makes a total installed base of 210k units.


This price reduction has been partially offset by lower manufacturing costs but
it has increased the initial subsidy per unit. In view of this the Board has
recognised a provision of #2.2m in the value of stock, representing the
shortfall against cost which will arise when the stock held at 31 December 2002
is sold. This therefore will avoid the loss that would otherwise have arisen on
the sale of these units in the second half of the year. The positive side of
this approach is that in future years the results of Amserve will reflect a
clearer view of the ongoing revenue stream from the installed base of phones.


The revenue derived from the usage of the e-m@iler continues to hold up well
with the majority of the income continuing to come from e-mail usage although in
the last six months other services such as the ability to download ringtones
have generated a more meaningful contribution. At the time of these results the
average gross revenue generated in the past 30 days from the average installed
base of approximately 201k units was #13k per day (approximate annualised rate
of #4.7m per annum).

We expect this revenue to increase both through the growth in the installed
base, allowing for any customer churn, and through the first generation model
moving at the end of March 2003 to the same revenue sharing arrangements as
apply to the current model.

We remain fully committed to the e-m@iler business and continue to develop new
software that enhances the functionality and revenue earning potential of the
phone which is periodically downloaded to the existing installed base.


Outlook


We continue to work with BSkyB to develop opportunities in the digital satellite
TV market and are pursuing promising opportunities in other geographic markets
for digital set top boxes.


In the Amserve business our focus remains on increasing the installed base of
e-m@ilers and enhancing future profitability through maximising existing revenue
sources such as e-mail and by adding new revenue sources.


Sir Alan Sugar
Chairman

13 February 2003


Amstrad plc (www.amstrad.com)
Register No 955321
Brentwood House Press Enquiries:
Brentwood Nick Hewer - 07785 318737
Essex CM14 4EF hewer@amstrad.com

G

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Starting to rise again and will do untill results are released in about 5 to six weeks, can anybody confirm date???????G

See posts 9, 12 and 14
Have now got +25% return on THUS, took 2 weeks longer than I expected, Thus and Amstrad charts still similar