CHAIRMAN'S STATEMENT

Introduction

This year's Annual Report marks the evolution of the Group into a focused web
software developer and enabler. The sale of the hardware division, announced on
7 October 2002 and concluded on 23 December 2002, completes an important phase
of the Board's strategy to transform the Group's business activities from
hardware to software. Our challenge now is to deliver a return on the software
investments.

Trading performance

The trading results for the year ended 30 September 2002, together with prior
year comparatives, disclose separately the performance of the "continuing
operations" (Cartesia and Endeavors) and the "discontinued operations" (Tadpole
hardware).

Turnover in the hardware division declined 36% to #14.9 million. Prior year
revenues included an $8 million low margin contract with a large customer.
Operating loss before goodwill amortisation and foreign exchange remained stable
at #0.5 million. The goodwill of #3.8 million includes an impairment of #2.9
million in connection with the disposal of the hardware division after the year
end.

Turnover in the software businesses, principally Cartesia, increased 22% from
#1.5 million to #1.8 million, while operating loss before goodwill amortisation
and foreign exchange reduced from #6.7 million to #6.1 million. Endeavors
continued its R & D investment phase throughout the year, with expenditure
focused on product and market development. Highlights of the year for Cartesia
have been its growing partnership with ESRI, the world's leading developer of
core geographic information systems, and new contract wins with Consumers Energy
in the USA and Ordnance Survey in the UK.

The overall operating loss before goodwill amortisation and foreign exchange
reduced to #6.6million from #7.2 million, within the guidance given in the
trading update issued on 7 October 2002.

Net cash outflow from operating activities was almost halved to #4.2 million
from #8.0 million last year, mainly due to the successful management of working
capital in the hardware division.

Financing

At the AGM on 28 February 2002, shareholders approved a proposed equity line of
credit of up to #10 million with GEM Global Yield Fund Limited. The Company has
since drawn down #3.5 million against this facility. In October 2002, the
Company entered into a supplemental agreement, which provided that up to #2
million of the #10 million line of credit would be made available for a period
of six months up to 30 April 2003, regardless of daily trading volumes. Under a
further agreement in January 2003, this period has been extended to 30 June
2003.

The Company expects to make further draw-downs against the facility to fund the
continuing development of the software businesses, particularly Endeavors.

Board

Following the successful completion of the sale of the hardware business, Graham
Brown, who served as president of the business unit has resigned as a director
with effect from today.

Outlook

Following the disposal of the hardware business, the Group now comprises two
enterprise software businesses, Cartesia and Endeavors, which are at different
stages of their life cycles.

After more than three years of investment, Cartesia is beginning to show strong
growth. Revenues for the current financial year are expected to be substantially
higher than in 2002, particularly in the second half, underpinned by a
significant contract backlog, including Ordnance Survey. Cartesia is expected to
achieve a profitable run-rate by the second half of the financial year.

2003 will be a pivotal year for Endeavors as the business moves its focus from R
& D to sales and marketing. With the core R & D investment phase now concluded,
product development expenditure will continue at a lower level with a consequent
reduction in cash burn. The development of partnerships that can provide
channels to market will now be critical to success. The directors believe that
the markets addressed by Endeavors' software products are very large. The risks
in this business remain high, but are commensurate with the potential rewards
that success in the target markets will bring.

Although the Group is expecting to incur an operating loss in the financial year
ending 30 September 2003, the directors remain confident that the Group has
sufficient financing facilities in place to support the current business plan
and strategy.

David Lee

28 January 2003

CHIEF EXECUTIVE REVIEW

Fingers crossed for you lot:-)
I closed my ever so long-short today for a whopping +9!!!(It was dust covered) Just in case i`m wrong..............as if.lol

Tadpole toughs it out
Its been a tough two years for Tadpole but it is beginning to get its act together


Software group Tadpole narrowed its full year losses to 6.6m from 7.2m and said that having heavily restructured and streamlined over the period, it is now well placed to survive and prosper. Its shares are up 19.2% to 7p.


The group, which sold its hardware division last year, saw turnover fall from 24.6m to 16.7m for year to September 2002. The loss in earnings per share for the year is 5.7p against 4.3p in 2001.

The group says that while it expects to incur an operating loss in its 2003 financial year, it now has sufficient financing facilities to support the current business plan and strategy.

Tadpole expects Cartesia, its field mapping software arm, to be profitable by end of current year thanks to rising demand from water, gas and electric utilities and specialist mapping agencies.

Endeavors, the web software division, is seen as having novel intellectual property and remains a strong foundation on which to develop the group's business. The current year will be critical to Endeavors, as it moves out of R&D and into the sales and marketing phase.

Bernard Hulme, group chief executive of Tadpole Technology, said : The past two years has seen Tadpole invest strongly in developing its software capability. We believe that the quality, value add and early return on investment that these innovative products can now bring to customers enables the Group to look for notable progress in fiscal 2003."

http://www.netimperative.com/cmn/viewdoc.jsp?cat=all&docid=BEP1_News_0000048341

BT Conferencing has today launched BT MeetMe Web Tools, enabling its customers to conduct virtual meetings securely via the internet. The software, which requires users to have access to a web browser and telephone to take part, displays a conference table with icons to represent those present, plus a chairperson. The pay-as-you-go application is powered by WebEx, which has integrated Tadpole's Magi collaboration software to allow users to share applications such as Powerpoint and Excel over the internet, chat online and brainstorm ideas on a virtual whiteboard.

Endeavors Technology Adds Secure Collaborative Peer Review To Existing
Document Management Systems

Users now capable of managing secure review of presentations, spreadsheets,
and proposals when checking out document repositories

###

Irvine (CA) and Cambridge (UK), January 29, 2003 - Endeavors Technology,
developer of Web-enabling solutions for enterprise network infrastructures,
today announces the release of Magi Connect. software, a document management
system adaptor that delivers productivity gains by creating best practice
processes for securely and efficiently managing documents while checked out
of repositories.

Document management users primarily utilize their systems to store and
retrieve files in secure repositories and project workspaces. The process
works well for individual employee use. However, when a file needs
distribution for time-critical project team updates, the typical use of
email as a collaborative tool eliminates control and security of the file.
Magi Connect ensures the file remains controlled at all times by
transparently enabling distribution within a secure, highly collaborative
environment.

Magi Connect enhances efficiencies within geographically distributed
organizations using document management systems for activities such as
knowledge sharing, project management, design and engineering, file
distribution, claims processing and partner chain management.

Emulation of a user's document management system is accomplished through a
natural file folder interface. Improved file access speeds, user online
presence, point-to-point secure instant messaging and chat, expanded search
capabilities using keyword mining inside documents, and enhanced file
editing options are all included as features.

"With Magi technology, we expect to accelerate our entry into the market for
secure, peer- based collaborative systems," said Alan Evans, president and
CEO of Matrix Intermedia Corp, a developer of e-media services. "Through
Magi Connect, we're now able to offer our Livelink customers with more
robust document management technology than we could have dreamed in a much
shorter period of time. The timely introduction of this product allows us to
continue the aggressive pursuit of our mission -- enabling the smaller
enterprise."

"Magi's secure, real-time collaborative capabilities added to document
management systems signal the beginning of the next generation of Knowledge
Management solutions," said Wayne Hulehan, CIO of The Knowledge and
Innovation Management Professional Society (KMPro) and principal of
Washington Knowledge LLC. "It addresses KM's need to convert tacit
knowledge to explicit knowledge, enable timely collaboration, peer review,
codification and creation of new knowledge. Magi creates a new paradigm in
the natural evolution of strategic Knowledge Management tools and
processes."

"Magi Connect further enables and encourages collaboration between document
management users in a secure environment," comments Shirley Moulton,
president of Universal Solutions, Inc., a leading, full-service information
technology consulting firm. "Magi Connect integration expands this
collaboration to include all of the content stored in Livelink, for example,
in a bi-directional way, significantly improving time to knowledge."

"With Magi Connect integration, documents are never 'out of control," said
Bernard Hulme, CEO of Endeavors Technology. "Unlike most document management
systems that basically lose control of the files when they are on your
desktop, documents opened via Magi Connect remain completely controlled -
the document checked out is always the document checked in. In addition,
user efficiency is greatly enhanced with faster access, group wide search
and real time presence management converting the document management
environment into an efficient real time collaboration environment combining
all the advantages of both systems."

Magi Connect is now available for use with Open Text Livelink. systems.

About Endeavors Technology, Inc.
Endeavors Technology develops cross-enterprise infrastructure software
called Magi. which securely networks existing applications and files to or
from the desktop. Magi-enabled enterprises can harness and manage their
available computing assets in a web services environment without extensive
re-engineering or expensive management. Endeavors Technology, Inc. is a
wholly owned subsidiary of Tadpole Technology plc (LSE-TAD,
www.tadpole.com), which has offices in Irvine (California), and Cambridge,
Edinburgh, and Bristol (UK). For further information on Endeavors' Web
software, call 949-833-2800, email to info@endeavors.com, or visit the
company's website www.endeavors.com.

ends

Copyright) 2003 Endeavors Technology, Inc. Magi, Magi Connect and Magi
Enterprise are registered trademarks of Endeavors Technology. All other
company names, products and services mentioned in this document are
trademarks of their respective owners.


hugh paterson
patcom media relations
tel - +44 207 987 4888
email - hughp@patcom-media.com
web - http://www.patcom-media.com

there you go 'why'

results were soon after we talked about them :-))


ains








why - 28 Jan'03 - 12:20 - 33 of 41


this share, like LGD a few weeks ago, must be on the verge of a quick rise or immediate demise. the delay in disclosing results (or even a date for results) which the co said in dec wd be published before end 2002, is obviously disturbing.

moneylender/ainsoph - you suggest results will be this week - what is your basis (other than hope) for this suggestion.

if shorting is your explanation for the recent price collapse, what evidence do actually have that shorting is possible in this share, or that it has actually occurred?

as i say, the share is at a price which cannot last - either sharply up or oblivion to follow soon i think. so what are the FACTS??

A bit of a reversal today depite a retraction from the Guardian. Shorting group have the Indy on side this morning.

Trades are about level but we are still down 10%. Personally I believe the mm's are running a short book and will have to close it soon. Let's not forget - when the big shorters close it doesn't mean any shares changing hands.

I note the missing mm has returned.


ains

http://products.instantmessagingplanet.com/imp/security/1043870779.html


Magi Secure IM
Magi Secures Public IM Products for Enterprises, Compliance, Interoperability
Magi Secure IM is a business tool that routes popular instant messaging products through a fully compliant and auditable cross-enterprise communications proxy. Its deployment can ease corporate concerns of lock-in to any one proprietary IM product, and provides a unique verification mechanism for enterprise IM communications.

Magi Secure IM works with popular, public IM clients in their unchanged, native state -- allowing enterprises to gain full control over employee messaging and chat sessions, whatever the IM environment.

Magi Secure IM is a plug-in product, transparent to the user. It supports the features and functionality of commercial IM products, so there's no training, infrastructure change or switching costs involved in getting IM fully and finally back under corporate IT control.

Magi Secure IM also improves large file-getting and -sending, and incorporates smart local-loop routing so that inside communications travel point-to-point internally.

A principal feature of Magi Secure IM is its unique ability to look up corporate identities from popular IM buddy names and underwrite them with strong Public Key Infrastructure-based authentications, to avoid identity spoofing, and allow financial-grade non-repudiation, tracking, and auditing.

Endeavors Technology's approach of leaving the IM platform untouched to preserve the user experience, yet providing corporations with strong control mechanisms over instant messaging and chat rooms, supports the extended adoption of secure IM in businesses without further delay, and without lengthy lead times and high costs inherent in modifying network architectures.

product submission by Company Rep

Must admit the latest rumours regarding the shorting situation seem to be focussed on the house broker - more later


ains

Interesting first trade - 181818 @ 0811 (elements of 666)


ains

Have a look at Tuesdays trades - time as well no 27 ..... very very odd

In answer to a previous comment on lack of broker forecasts I had this yesterday.


'I recall the comment of EBG's Mike Brennan at the recent EGM - house brokers withdraw analyst forecasts in closed periods pending briefings from their clients once they come out of those closed periods'



ains

Most informed opinion is the two big trades last week were either a short rollover or a mm switching accounts to generate a misleading situation.

Todays trades (at this time)are believed to be a short rollover or just possibly a sell and buy - maybe from last night. The f trade of 100k is almoost certainly a buy from last night or this morning. it may only be a part order as mm's are restricting stock and it's very hard dealling on the web at this time.

ains

On the move now with all mm's blue - vague rumours of possible director buying - seems doubtful but something is happening - maybe shorters are starting to get worried



ains

three times the normal daily volume and up over 8% - a good day for Tads


Techmark movers: Tadpole still in the ascendancy

Fri 31 Jan 2003


LONDON (SHARECAST) - Tadpole Technology enjoyed some good follow through from yesterday's comment that sales will be significantly higher next year.
Irish credit card processor Alphyra slipped after giant US corporation First Data pulled its indicative offer of 2.80 per share. It leaves the management buy-out team in pole position with its 2.45 per share cash offer.

FTSE TechMARK - Risers

Tadpole Technology (TAD) 6.38p +8.51%
Generics (GEN) 6.62p +6.00%
MTL Instruments (MTI) 92.50p +5.71%
Macro 4 (MAO) 44.50p +4.71%
Autonomy (AU.) 132.00p +4.55%

Interesting timesTad need to get the news out now! If there is shorters at work here boy are they in for a shock imo.the next few weeks should be VERY interestingas always pays to DYOR..
Happy holder Tris

" BT Conferencing has today launched BT MeetMe Web Tools, enabling its customers to conduct virtual meetings securely via the internet. The software, which requires users to have access to a web browser and telephone to take part, displays a conference table with icons to represent those present, plus a chairperson. The pay-as-you-go application is powered by WebEx, which has integrated Tadpole's Magi collaboration software to allow users to share applications such as Powerpoint and Excel over the internet, chat online and brainstorm ideas on a virtual whiteboard."


All coming together nicely now.


M

ML..Hi..
Yes the BT thingy via Webex was very interesting and Im amazed how this just appeared with no fanfare from Tad and little by way of press articles. Webex are working well for Tad and are to be congratulatedTAD take note!!
Ive been with Tad through thick and thin and this year has to have the most potential for the company to make headway in all of their ventures.
Thanks again for all the info youve supplied on the Co at the advfn site it makes Doing Your Own Research much easier when pointed to all the news items and. Although it takes forever to read them...lol ..Im sure the lurkers and long-term holders appreciate your efforts
Tris

BTW in mentioning the ADVFN site people should be wary of the infighting that goes on there and for newcomers I strongly recommend this article on BASHERS!


Recent revelations have indicated that even Market Makers (those charged with keeping the playing field level) have been involved in stock manipulation by Bashing on a stock message board. HAVE NO DOUBT THAT THIS IS A REAL THREAT!


Remember, BASHERS NEVER Bash A BAD STOCK. Check the boards for stocks with no potential. They never have any Bashers. Bashers only go after stocks that are moving up or have excellent potential to do so. Bashers work to bring the price down to either increase their position at the expense of others or help a Short make their bones.

BRING THE PRICE DOWN. That is the Basher's job. The truth is not important. Lies are the norm. Post continuously on the board every day. They are trying to scare the newbies that are just investigating a stock. They are trying to wear down the faithful longs on the board and gain free reign and control.

BASHERS WANT TO WHISPER IN YOUR EAR - PLANT A SEED OF DOUBT, AND HOPE THAT YOU ARE NOT SAVVY ENOUGH TO RESEARCH THE TRUTH ON YOUR OWN. This is how they achieve their greatest success.

YOU CAN'T VERIFY THEIR STATEMENTS. That's why they make the vague statements they do. They rely on you being to lazy to research their droppings other than to scan the board for others opinions. This is particularly dangerous when you consider that Bashers work in packs and often validate and back up each others nonsense with what appears to be "innocuous and unsolicited" verification by comrade Bashers. Let's face it, we are all conditioned to "believe" everything we see in writing. If others by virtue of their "posts" also confirm this belief, then we are subconsciously doomed to swallow the hook, line and sinker... Basher - 1 Honest Investor - 0



Hmmm strongly recommend a read http://messageboardfools.com/bashers.htm

Tris

Morning Tris ...... up on Friday and over the week - let's hope we have now seen the bottom and times are about to get better. We do need a brokers update and better coverage to help get the news across. I think the shorters are starting to cover and look to be losing again.



ains

Morning ains .yes agree on the need for better coverageif there is shorters at work here better coverage would stop these antics.
Not sure I agree with shorting full stop!! Bet BH is livid if this is true and guess hell be taking stepsId better say DYOR etc :0)
Tris