29 June 2004

Announcement

Mosaique PLC
Preliminary Results

Chairman's Statement
Year ended 31 March 2004

The Company's turnover for the year to 31st March 2004 was 447,652. I am delighted to report that the Company is
showing a profit on ordinary activities before taxation of 462,890 (2003 - loss of 109,084 restated). During the year
the company disposed of its holding of 120,000 of their own shares. This yielded a surplus of 39,588 which under
earlier accounting rules would have increased the profit for the year to 502,478. This surplus is now required to be
transferred to reserves. Earnings per share are 5.45 pence, fully diluted 4.45 pence (2003 - loss per share 1.39 pence,
fully diluted loss per share 1.39 pence). This dramatic improvement of your Company's position during the current
financial year is a result of the continuing progress being made with the new business which, as I stated in my interim
statement dated 23rd October 2003, has been profitable since its inception. Your Board considers that it is in the
best interests of the company to continue to increase its cash reserves to finance any potential acquisitions and,
therefore, does not propose to recommend the payment of a dividend.

Your Board is delighted that current trading continues to meet their expectations. The momentum on the financial
services side is continuing to build up, there is a steady flow of assignments on the advisory side and your company
continues to be invited to look at a number of interesting transactions. We are now looking seriously at a number of
potential acquisitions, particularly the acquisition of a suitable firm of UK based independent financial advisors (IFA)
which will enable us to develop the onshore financial advisory business to complement the existing offshore business.
The acquisition of a suitable IFA will, your Board believes, represent better value for shareholders than seeking FSA
authorisation to commence a new business from scratch. Preliminary discussions have begun with a suitable IFA although
they are not yet far enough advanced for me to be able to provide detailed information


OK, This has been going down on very small sells recently,in the last results they we're inprofit at 4.45p per share AFTER TAX,Directors bought earlier this year at over 40p a share,over 80% of the company is held by institutions so when this blows it will rocket.

Not very pleasant results!

Consultancy work has dropped off to practically nothing(showing massive declines every six months), so they now look like nothing more than an overvalued investment company.

Interims only have a partial provision against Hemisphere, so there is presumably a large drop in NAV to come...

What is the attraction of acquiring an IFA? Most of the listed ones have been total sh*te IMO.

It would have been easy to be duped by previous results with this one, so commiserations to holders...

Rgds
dell

all imo, dyor