This share has taken off over recent weeks. The management has transformed the company. Offshore Telecom presents an exciting opportunity. Rival BBs are very active on this share. It is time for MoneyAM BBs to join in the fun.


Offshore Telecom Plc

KEY NEW ORDER SIGNED WITH XCHANGEPOINT

Offshore Telecom Plc ("Offshore Telecom") announces that its principal operating subsidiary, Matrix Network Solutions ("Matrix") has received a letter of intent from XchangePoint Europe Ltd. ("XchangePoint") for orders which are expected to generate revenues of 500,000 over the next two years.

XchangePoint is a leading provider of metro-area internet interconnect services. It offers its customers an extensive range of services that enables them to balance their peering, transit and access requirements through a single connection on the XchangePoint platform. XchangePoint currently operates mainly in London and in Hamburg, Germany and is planning to expand its services into at least two additional major European Cities over the next two years.

At the outset, Matrix will provide outsourced network support services to assist XchangePoint in rolling out its services into mainland Europe. Matrix will also supply and install the communications networks and associated equipment for this expansion.

Ian Smith, Offshore Telecom's Chief Operating Officer, commented :

"This is the first announcement of a number of significant new contracts won by Matrix in recent months. The XchangePoint contract will contribute some revenue in the current year, but the bulk is likely to be booked in our financial years starting in November 2003 and 2004."

Richard Almeida, CEO XchangePoint added:

"XchangePoint is very pleased to be working with Matrix as a trusted business partner for network services, contributing heavily to earlier implementation of our business plans and vastly improving on the traditional supplier approach. This will accelerate the roll-out of our newly funded plan to grow XchangePoint's business into Europe"

OST now leading the top % gainers for the day..

Lets hope we will be there again tomorow if the results are out then as quoted on rival BB. (advfn)

Good luck all

Ended up 18.7% on the day and with more MM buying at the end. Results out tomorrow could see the same again.

DYOR

what will be the result tomorrow?

MM's still buying into this stock, up another 6% so far today.

More MM's buys again today.

Well another MM buy 1 million this time, results still not out so looks like Monday

As always DYOR have a good weekend all

Offshore Telecom PLC
19 January 2004


FOR IMMEDIATE RELEASE 19 January 2004



Offshore Telecom Plc
to be renamed
Matrix Communications Group plc

RESULTS FOR THE YEAR ENDED 31 OCTOBER 2003



Offshore Telecom Plc, the supplier of high performance IT network solutions to
the public and private sectors in the UK, has announced its unaudited results
for the year ended 31 October 2003.



Key points:

Business transformed into rapidly growing, profitable supplier of high
performance IT network solutions.

Name of group to be changed to Matrix Communications Group plc,
subject to shareholders' consent.

Ongoing Matrix business achieved an operating profit of 176,000 on
revenue of 1.3m since becoming part of the group on 29 April 2003.

The original satcom business incurred an operating loss of 401,000 on
turnover of 328,000 and has been closed.

Total group turnover was 1.7m (2002: 260,000). After one-off
charges, the loss before tax was 428,000 (2002: loss of 665,000) and the
loss per share was 0.06p (2002: loss of 0.29p).

Net cash at 31 October 2003 was 161,000 (2002: 3,000).

Since the year end, the business has been expanded by the acquisition
of a 50% interest in Norwood Adams Technical Services and the acquisition of
Intrinsic Networks.


On outlook, Michael Frank, Chairman, stated :

'The Matrix group is building a rapidly growing, profitable integrator of IT
networks. The recent acquisition of Intrinsic Networks takes us into IT
security systems - one of the fastest growing segments of the network market -
and our interest in Norwood Adam Technical Services secures our ability to
support our customers.



'Order intake in the current year has started strongly and we are in advanced
negotiations and trials on a number of substantial new business opportunities.
The group now has a clear sense of purpose and direction and expects to deliver
good results in the future.'



For further information please contact:
Michael Frank, Chairman Tel: 07802-787624
Ian Smith, Chief Operating Officer Tel: 07811-327054

Steve Liebmann, Bankside Consultants Tel : 07802-888159 / 020-7444-4163



CHAIRMAN'S STATEMENT


Introduction


During the year to 31 October 2003 the group was transformed through acquisition
into a supplier of high performance IT network solutions. The original
satellite communications activities ('satcom') have been discontinued.


Matrix Network Solutions Ltd. ('Matrix') therefore became the principal
operating company within the group following its acquisition at the end of April
2003. This business has established an excellent client base and has been
profitable since acquisition. Its activities have since been augmented by two
subsequent acquisitions.


Proposed change of name


To reflect the new direction of the group, it is proposed to seek shareholders'
approval to change its name to Matrix Communications Group plc. Once the change
in name has come into effect after the forthcoming Extraordinary General Meeting
(the EGM will take place immediately after the Annual General Meeting), the new
stock exchange code will be 'MXC'.


Group development


Matrix was acquired on 29 April 2003 for a consideration of 432 million new
ordinary shares, equating to a value of approximately 1.2 million based on the
share price immediately prior to the initial announcement in early April.



As a result of a review of activities and continuing losses within the original
satcom business, in July 2003 the board announced its decision to withdraw from
these activities. This process has been completed and the associated costs are
included in the results to 31 October 2003.



Since the end of the financial year, the ongoing core business of IT network
solutions has been augmented by two further acquisitions:



On 10 November 2003, the group subscribed 100,000 cash from existing
resources for a 50% interest in Norwood Adam Technical Services Ltd.
('NATS'). NATS delivers a full range of technical support and managed
services. These services form an integral part of Matrix's ability to
provide ongoing support to its customers.



NATS will be consolidated as a subsidiary within the group accounts in the
current year.



On 12 December 2003, Intrinsic Networks Ltd. ('Intrinsic') was
acquired for up to 2 million with an initial consideration of 600,000
split equally into cash and new ordinary shares. As a supplier of IT
security solutions and services, Intrinsic complements the existing Matrix
activities. The additional payments to the vendors of Intrinsic will depend
on the achievement of agreed performance targets. The cash element of each
payment is coming from existing resources.


Financial results


The results for the year to 31 October 2003 reflect the substantial changes
which have occurred during the year. The results for the first half year were
essentially those for the former satcom activities while the results for the
second half year reflect the contribution made by Matrix.



Within the headline turnover of 1.7 million (2002: 0.3 million), continuing
activities contributed 1.3 million - virtually all of which was represented by
Matrix's revenue during the second half year. The turnover attributable to the
discontinued satcom activities was 0.3 million, most of which arose in the
first half year.



In terms of operating profit/loss, the contrast is even more marked. Matrix has
been profitable since it started trading and achieved an operating profit of
261,000 in its first 9 months to 31 October 2003. In the period since Matrix
was acquired, it contributed an operating profit of 176,000 while discontinued
activities incurred an operating loss of 401,000 including one-off costs of
approximately 71,000 incurred in withdrawing from the original satcom
activities. Overall, the consolidated operating loss was 255,000 (2002: loss
of 586,000).


A charge of 174,000 (2002: 79,000) for diminution in the value of investment
represented the final withdrawal from the New Opportunities Investment Trust plc
scheme and is the difference between the carrying value and the eventual
realisation of 62,000. The consolidated loss before tax was 428,000 (2002:
loss of 665,000) and the loss per share was 0.06p (2002: loss of 0.29p).


The balance sheet has improved markedly during the course of the year with
year-end net cash of 161,000 (2002: 3,000) and shareholders' funds of 1.5
million (2002: 222,000). During the year, 501,000 was raised through the
issue of new equity.


The payment of a dividend for the year will not be proposed.


Strategy


Going forward, the strategy for the Matrix group will be clearly focussed on
building a rapidly growing, profitable IT network solutions business. The
initial elements already in place are the provision of high performance networks
(Matrix), the ability to offer IT security systems and services (Intrinsic) and
high level, round-the-clock customer support services (NATS). Two further areas
have been identified for future expansion through acquisition to develop the
group's market proposition :


Data storage solutions go to the heart of securing and protecting an
organisation's vital information and dovetails neatly with existing group
products and services; and


Voice over internet protocol ('VOIP') is regarded as the future for
mainstream telephony, essentially using IT networks and the Internet for
voice communications. Given the strengths of the group in networks and
security, this represents a natural direction for development.


An important aspect of the strategy is to acquire businesses which are
complementary in terms of both technology and customer base to increase the
opportunities for cross-selling between operating companies and to share common
overheads such as administration and training.


Board


The changes to the board have reflected the development of the group during the
year. Ian Smith was appointed a Director on the acquisition Matrix and was
appointed Chief Operating Officer in July 2003. More recently, we have welcomed
the appointment as Directors of Tony Weaver on the acquisition of 50% of NATS
and Peter Drinkwater on the acquisition of Intrinsic.


At the time of the decision to withdraw from the original satcoms activities in
July, David Bland, Philip Mehrtens, Mike Yarrow and Pat Roberts left the board.
We would like to thank them for their contributions.


Outlook


The Matrix group is building a rapidly growing, profitable integrator of IT
networks. The recent acquisition of Intrinsic Networks takes us into IT
security systems - one of the fastest growing segments of the network market -
and our interest in Norwood Adam Technical Services secures our ability to
support our customers.



Order intake in the current year has started strongly and we are in advanced
negotiations and trials on a number of substantial new business opportunities.
The group now has a clear sense of purpose and direction and expects to deliver
good results in the future.


Michael Frank 19 January 2004
Chairman



GROUP PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 OCTOBER 2003




2003 2002

Acquisitions
(Continuing Discontinued
activities) activities Total

Turnover 1,333,566 327,863 1,661,429 259,824

Cost of sales (874,557) (256,684) (1,131,241) (206,374)
-------------- -------------- -------------- --------------
Gross profit 459,009 71,179 530,188 53,450

Net operating expenses (312,579) (472,159) (784,738) (639,199)
-------------- -------------- -------------- --------------
Operating profit/(loss) 146,430 (400,980) (254,550) (585,749)

Interest receivable 1,367 -
Amounts written off investments (174,250) (78,750)
Interest payable (1,022) (843)
-------------- --------------
Loss on ordinary activities before (428,455) (665,342)
taxation

Tax on loss on ordinary activities (21,293) -
-------------- --------------
Loss for the financial year (449,748) (665,342)
========= =========

Loss per share (pence) (0.06p) (0.29p)



The group has no recognised gains or losses other than the results for the year
as set out above.



The company has taken advantage of Section 230 of the Companies Act 1985 not to
publish its own Profit and Loss Account.

Up again today ,looks very promising.

g12 :)

Anybody know if there are contracts still waiting to be annouced that they are currently working on?

is it still good to hold, or sell it? any comment

Hard to say at the moment, The company is still working on building and the shares mag had a three line saying may be on turnround. I would not sell
the shares are still cheap and I do not think there is much downside or risk. I believe they are working on some proposals according to earlier reports. A good announce ment could push the price upwards but it could be a few months. Sorry can not tell you more than. As usual DYOR and all the best with what you decide.

Good move today the with total gain of 80% since I entered. This could be the next good earner but will be bumpy for a while till the new name and orders arrive. Nice to see a new hand on board who is used to aquisitions, my read is they will be active in this field.....time will tell. ck..... did you sell, hope not.

on the way north new main man at the helm shoud make this fly i`m staying for the ride it will be bumpy but i thats part of the fun

Another good day with plenty of buyers and sellers holding for more profit. Friday could be another good day and will tell if the sellers will enter to slow things down. At this price can not see a down and the next months should see some activity on the purchase front..... It may be a little bumpy but thats the way to make the money.

Another good rise today. How far can this go before profit takers move in ?

Did we all miss the 225% rise in 4 weeks?

Well foxwell that is the million dollar question, as you know we are a fickle bunch and sometimes get it wrong. There have been a lot of buys in the 1.88 - 2.6 region with ealier profit takers gone, as a guess I think the 3 - 3.3 will see the some profits being realised. The 2.5 range should hold, and good news will push the price up. chartist....I missed on some of the first rise but have managed a respectfull 195% so far.I think this has the potential to return real growth over the medium term. It is still early days for the new strategy I am sure they will purchase and the contribution of XchangePoint could be significant, and they are making money. As always dyor and all the best to those who stay on for the ride. For those who like the charts check out COH

Thanks for your opinions K. Have also made about 195% and have a long term view. Would be nice to get out and buy back in lower if profit taking is prolific.

Good start then the sells came in, finished a little lower than I thought expected to hols 2.5, Still all the market was a bit flat...must be Monday Morning blues

Hi. Haven't posted on here since December. Been busy on another BB. Pleased to see my faith in OST has been rewarded. Shares Magazine is talking about a 1.16 million profit this year on margins of around 15%. Prediction for 2005 is much higher. AGM is due in a couple of weeks. Lots of good news is expected. Should get another good run over the coming weeks. Good luck!