http://www.angletechnology.com/

research note, acrobat reader needed

latest results 24/1/06

on the 21 june 2005 Deutsche Bank AG and subsidiary companies purchase 100,000 shares taking their total to 10.35%. results for the year ended 30 April 2005 will be on Wednesday 6 July 2005. also,

ANGLE plc
('ANGLE' or the 'Company')

First day of Dealings for venture company Provexis plc on AIM

ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology, is pleased to announce that its venture company
Provexis plc, the nutraceutical company which develops scientifically-proven,
proprietary, functional foods, supplements and medical foods, announces
commencement of trading today in its ordinary shares on AIM under the ticker
symbol: PSX.L.

At the placing price of 5.6p per ordinary share, Provexis raised 5.9 million of
equity through an institutional placing of 3.8 million (before expenses) and
the conversion of 2.1 million of loans. On Admission and at the issue price the
market capitalisation was approximately 14 million. Following the Placing
ANGLE owns 24.8% of Provexis plc.

all in all , a good week for news.

results day.

Angle PLC
06 July 2005


For Immediate Release 6 July 2005




ANGLE plc
('ANGLE' or the 'Company')

Preliminary Results for the year ended 30 April 2005

ANGLE plc, the intellectual property and technology commercialisation company,
announces its preliminary results for the year ended 30 April 2005.

Financial Highlights

Turnover increased by 44% to 4.13 million (2004: 2.87 million).

Consulting and Management operating profit increased by 22% to 0.52 million
(2004: 0.43 million).

Investment to establish and develop new Ventures increased by 251% to
3.02 million (2004: 0.86 million) comprising Ventures operating
costs expensed in the profit and loss account of 1.79 million (2004: 0.68
million) and increase in fixed asset investments on the balance sheet of
1.24 million (2004: 0.19 million).

Loss before tax was 2.35 million. The loss is stated after new Ventures
development costs as above and a provision for diminution in value of
current asset investments of 1.57 million (2004: nil). In 2004 the
profit before tax was 2.33 million, which included profit of 2.31 million
on disposal of investments.

Basic loss per share of 13.87p (2004: profit 20.43p).

Cash at bank at year end 5.55 million (2004: 8.25 million).

Consulting and Management businesses entered new financial year with strong
sold order book of 8.98 million (2004: 3.23 million).


Operational Highlights

Consulting and Management won a major new Qatar Science & Technology Park
contract worth over 6m over 3 years.

Four new Progeny(R) companies formed: Contrasoft, Customiser, Geomerics and
Novocellus each offering the potential to address major worldwide markets in
software testing, internet personalisation, computer graphics and IVF embryo
viability respectively.

Good progress made by Progeny(R) companies: Acolyte Biomedica, NeuroTargets
and Provexis. In particular, Acolyte Biomedica has completed development of
its MRSA testing product and made first sales in May 2005. Provexis has
progressed product development and clinical trials of its cardio-vascular
health drink, Sirco, to be launched in Q4 2005.

Flotation of Provexis completed in June 2005 through a reverse acquisition
of Nutrinnovator Holdings, generating a gain in valuation for ANGLE of
2.00 million at the placing price.

New Directors of Ventures appointed in the UK and US and teams strengthened
with new recruits.

Negotiations in progress with major technology corporates, research
establishments and universities for commercialisation of their intellectual
property.



Hance Fullerton, Chairman, commented:

'ANGLE has made good progress in the growth of its business during the year.
The Consulting and Management businesses have delivered increased revenue and
profits and secured a major new contract in Qatar worth in excess of 6 million.

Our Ventures teams have expanded in the UK and US and relationships have been
further developed with leading technology organisations. Good progress has been
made in evaluating and developing new venture propositions. Work was completed
on the development of four new Progeny(R) companies during the year and the
existing Progeny(R) companies were developed against their milestones towards
realising value for our shareholders. Notably, the flotation of Provexis in
June 2005, generated a substantial gain in valuation for ANGLE once again
demonstrating the value of ANGLE's Progeny(R) process.'

Enquiries:
ANGLE plc 01483 295830
Andrew Newland, Chief Executive
Dawson Buck, Deputy Chief Executive
Ian Griffiths, Finance Director

Buchanan Communications 020 7466 5000
Richard Darby, Suzanne Brocks, James Strong


A presentation for analysts will take place today at 10:00am at the offices of
Buchanan Communications, 107 Cheapside, London, EC2V 6DN. Please call Buchanan
Communications for more details.

Notes to Editors

Founded in 1994, ANGLE is an international venture management and consulting
group focusing on the commercialisation of technology and the development of
technology-based industry. ANGLE creates, develops and advises technology
businesses on its own behalf and for its clients. ANGLE is listed on AIM
(AGL.L); further information can be found on
www.ANGLEplc.com




CHAIRMAN'S STATEMENT

Introduction

During the year ended 30 April 2005, ANGLE made good progress in developing its
business in accordance with plans set out at flotation in March 2004.

Strong growth of the Consulting and Management businesses was achieved and the
Ventures business was scaled up using the monies raised at the flotation.
Investments were made to establish three new Progeny(R) Companies in the year
with a fourth announced immediately after the year end.

Strong progress was made by Acolyte Biomedica, NeuroTargets and Provexis against
their milestones during the year, with a notable success being Provexis'
flotation completed in June 2005.

Results

In the year ended 30 April 2005, ANGLE increased turnover by 44% to 4.13
million (2004: 2.87 million). The loss before tax was 2.35 million, which was
principally made up of the following elements:

Increased profit before tax on the Consulting and Management businesses to
0.52 million (2004: 0.43 million), up by 22%;

Increased investment to establish and develop new Ventures expensed in the
profit and loss account of 1.79 million (2004: 0.68 million) up 164%;

A provision for diminution in the value of investments of 1.57 million
resulting from our holding in Corpora plc;

Interest of 0.24 million (2004: 0.05 million).

In 2004 the profit before tax was 2.33 million, which included profit of 2.31
million on disposal of Exago to Corpora plc. The basic loss per share was
13.87p (2004: profit 20.43p).

Finance

At the year end, ANGLE had cash at bank of 5.55 million (2004: 8.25 million).
The reduction was principally planned investment to establish and develop new
Ventures, which increased by 251% to 3.02 million (2004: 0.86 million)
comprising Ventures operating costs expensed in the profit and loss account of
1.79 million (2004: 0.68 million) and increase in fixed asset investments on
the balance sheet of 1.24 million (2004: 0.19 million).

In addition to cash balances, ANGLE held a quoted investment valued at 0.88
million at the year end relating to its holdings in Corpora plc. Subsequent to
the year end, completion of the Provexis flotation led to ANGLE holding an
additional quoted investment in Provexis plc valued at 3.47 million at the
placing price, which included a gain in valuation of 2.00 million.

Progeny(R) Companies

Significant progress has been made in expanding our Ventures capabilities and
activities. Senior staff have been appointed to lead and develop new Ventures
in both the UK and US markets, bringing experience from major corporate,
management consulting and venture capital roles.

During the year, we completed work on establishing four new Progeny(R)
Companies, three of which were founded in the year and the fourth immediately
thereafter. These companies address large markets in software testing, internet
personalisation, computer graphics and IVF embryo viability.

We are in negotiation with several major corporates and universities in the UK
and US to agree the basis for commercialisation of their intellectual property.

Of our four Progeny(R) companies existing at the start of the financial year,
three developed well during the year according to their agreed milestones. Of
particular note, was the work undertaken during the year towards the flotation
of Provexis, which completed in June 2005. Development of the fourth company,
IDR Therapeutics, was terminated when market evaluation indicated that there
were better alternative opportunities available to us.

Strategy and Outlook

ANGLE's objective is to achieve profitable long term capital growth for its
shareholders through the successful combination of its Consulting and Management
businesses with the establishment and development of a portfolio of Progeny(R)
Companies in a range of technology sectors. The Group's access to intellectual
property combined with its highly experienced management team puts it in a
strong position to fulfil this objective over the next few years.

The Consulting and Management order book remains strong at 8.98 million at 30
April 2005 (2004: 3.23 million), with particularly strong growth forecast in
the Middle East as a result of a major new contract in Qatar.

The outlook for the current financial year is encouraging. Since the start of
the financial year, we have already made a number of important announcements
including the:

flotation of Provexis through a reverse acquisition of Nutrinnovator
Holdings plc raising new equity of 5.9m from new funding and the
conversion of loans. Provexis' leading product Sirco, containing active
ingredient FruitFlow(R) (previously known as CardioFlow(R)) for
maintaining cardiovascular health, is scheduled to be launched in UK
supermarkets in the final quarter of 2005;

launch of the BacLite(R) MRSA detection product by Acolyte Biomedica
with sales to Barts and the London NHS Trust and Salisbury District
Hospital. The product has been well received and the company expects
strong demand. Separately Acolyte signed a joint venture with Scottish
National Blood Transfusion Service to develop a test for bacterial
contaminants in blood.

formation of a new Progeny(R) Company, Geomerics, to commercialise
intellectual property developed by academics from the University
of Cambridge for application in high speed computer games graphics.

The pipeline of potential Progeny(R) Companies is strong and presents
significant opportunities for ANGLE to further expand its Venture development
activities.

I would like to thank all members of the ANGLE team for their efforts in
delivering a strong performance in our first year as a public company. We have
an exceptional team, and I am grateful for all their hard work, enthusiasm and
commitment to the business. I look forward to working with them in the year
ahead.


Hance Fullerton
Chairman
5 July 2005



OPERATIONS SUMMARY

Consulting and Management

ANGLE has built profitable Consulting and Management businesses in the UK, US
and Middle East, generating revenue and providing expert in-house staff
capability as well as the opportunity to build important relationships with
corporates, government research establishments and universities. The
relationships with owners of intellectual property are a key channel for the
Group to identify and exploit opportunities to commercialise intellectual
property using its proprietary Progeny(R) process.

The Consulting and Management businesses have performed strongly during the
year. Fees increased 47% to 3.90 million (2004: 2.66 million) resulting in a
profit up 22% at 0.52 million (2004: 0.43 million). A number of major
contracts were secured during the year and the order book is strong at 8.98
million (2004: 3.23 million).

During the year, ANGLE secured its largest ever fee-for-service contract, to
manage the Qatar Science & Technology Park (QSTP) until March 2009. The
contract is worth over 6m in addition to the existing Qatar contracts. ANGLE
is responsible for the effective establishment and operation of the QSTP,
placing us at the centre of one of the world's most ambitious technology
commercialisation projects. We will be leading the research and
commercialisation process in Qatar through a raft of QSTP programmes including
the creation and growth of new technology companies, establishment of a venture
capital fund, and development of an entrepreneurship training and mentoring
program.

Ventures

The Ventures business made good progress during the year. The management teams
in the UK and US were both strengthened with new recruits, and, in accordance
with our plans set out at the time of flotation, investment to establish and
develop new Ventures was increased 251% to 3.02 million (2004: 0.86 million).
This comprised Ventures operating costs expensed in the profit and loss account
of 1.79 million (2004: 0.68 million) and an increase in fixed asset
investments on the balance sheet of 1.24 million (2004: 0.19 million).

The pipeline of new opportunities available to ANGLE has been significantly
developed. An example of this was the agreement with Ben Franklin Technology
Partners of Southeastern Pennsylvania (BFTP), an internationally recognised
economic development organisation, to advance the growth of technology-based
companies in the Greater Philadelphia region. It is contemplated that ANGLE
will commit $5 million over five years for funding new technology spin-outs that
meet its Progeny(R) requirements. This funding will be matched by BFTP on a
non-dilutive basis, thus doubling the leverage on ANGLE funds for creating
Progeny(R) companies.

The Greater Philadelphia region is home to many of the world's most renowned
academic institutions including the University of Pennsylvania - one of the
leading research universities in the United States. Collectively, the region's
academic institutions attract more than $1 billion of research funding per
annum, generating more than 200 patent applications per year. The region is
well recognised as a global leader in the bio-pharma and medical research arena.
ANGLE will serve as BFTP's preferred commercialisation partner for
technologies from universities, colleges and related institutions in the region.

This agreement demonstrates the benefit ANGLE obtains from the combination of
its Consulting and Management businesses with its Ventures business. ANGLE's
relationship with BFTP has developed from successful consulting work in
Pennsylvania, including the development of the strategy for nanotechnology in
the Commonwealth of Pennsylvania.

During the year, work was undertaken on establishing four new Progeny(R)
Companies:

ContraSoft: a software testing product company commercialising
technology developed by a corporate VP of R&D and University of
Texas academic to improve productivity, reduce costs and improve
quality in the software testing process.

Customiser: an internet personalisation company founded to
commercialise intellectual property generated by a Cambridge team of
psychologists and University pattern recognition experts to improve
on-line advertising and sales.

Geomerics: a computational graphics company founded just after the year
end to commercialise intellectual property developed by a team of
leading academics from the University of Cambridge, Colorado School of
Mines and Arizona State University for application in high speed
computer games graphics.

Novocellus: an IVF diagnostic company founded to commercialise
revolutionary technology from University of York for non-invasive
testing of the viability of IVF embryos.

Each of these new Progeny(R) Companies offer the potential to address major
worldwide markets with differentiated products protected by intellectual
property. The development of these companies is carefully controlled using
ANGLE's Progeny(R) process to minimise the development risk and enhance the
return to all the shareholders. Substantial capital returns are expected to
accrue to ANGLE shareholders from these new Progeny companies within three to
five years.

Good progress was made with ANGLE's existing Progeny(R) companies. Most
notably, work during the year resulted in the flotation on AIM of Provexis via a
reverse acquisition of Nutrinnovator Holdings plc raising 5.9 million through a
placing and the conversion of loans. Since the flotation was completed in June
2005, the financial impact of the transaction is not shown in ANGLE's accounts
to 30 April 2005.

Provexis was founded by ANGLE in 2000, using the Progeny(R) process, as a joint
venture with the Rowett Institute (a leading human nutrition research centre).
ANGLE's cost of investment on the balance sheet to develop Provexis using the
Progeny(R) process is 0.46 million. At the placing price, this original
investment is valued at 2.13 million representing a multiple on investment of
4.6 times, an increase of 1.67 million over cost. In addition, ANGLE provided
Provexis with convertible loan funding of 0.50 million in February 2005. This
loan has been converted into new shares in Provexis plc valued at 0.83 million
at the placing price, representing a multiple on investment of 1.7 times and an
increase of 0.33 million over cost. The overall gain in valuation to ANGLE
from the transaction is 2.00 million at the placing price.

ANGLE believes that the value of Provexis may increase substantially if Provexis
is successful in its launch of Sirco and has therefore invested 0.50 million in
the placing. Following the placing and completion of the reverse takeover,
ANGLE holds 24.8% of Provexis plc's issued share capital.

ANGLE currently holds investments in eight companies, which it has developed
using its established Progeny(R) process. Provexis is the second successful
transaction for ANGLE's venture companies since ANGLE's flotation in March 2004
and further demonstrates the value of ANGLE's Progeny(R) process.

In addition to work on Provexis' flotation, progress has also been made during
the year with the Progeny(R) companies established before ANGLE's flotation,
notably:

Acolyte Biomedica has completed the development of its MRSA testing
product and made its first sales of this product in May 2005.
Independent hospital analysis of the product has been highly favourable
and market demand looks promising;

NeuroTargets has progressed its nerve injury and pain treatments and
secured an alliance with BioFocus plc aimed at discovering treatments
for nerve injury and pain;

Provexis has progressed product development and clinical trials of
Sirco, its cardio-vascular health drink containing active ingredient
FruitFlow(R) (formerly known as CardioFlow(R)) and has announced plans
for the launch of the drink in the final quarter of 2005.

During the year, a detailed evaluation was undertaken of the market prospects
for Progeny(R) company, IDR Therapeutics. It was concluded that the market
dynamic for IDR's product offering had changed with the likely impact that the
company would require a significantly increased level of investment over a
longer timescale before a return would be achieved. Under these new
circumstances, the development of IDR Therapeutics no longer met our
requirements for investment under the Progeny(R) process. Accordingly the
programme was terminated. The cost of investment was 0.14 million, all of
which had previously been expensed through the profit and loss account.

Whilst it was disappointing to terminate the IDR programme, the strength of the
Progeny(R) process was demonstrated through identification of a potential
problem in advance of a major financial investment. Where problems are
identified in the future with other Progeny(R) companies, these will be
similarly terminated with the minimum investment from ANGLE having been
committed.

The share price of Corpora PLC, the AIM listed company in which ANGLE holds
shares following the sale of its Progeny(R) company Exago to Corpora, has
regrettably fallen significantly during the year resulting in the need for an
increase in the provision for the diminution in value of investments to 1.57
million. Even after this write down, ANGLE's original investment is still
valued at 0.85 million at the year end which is 4.0 times cost. On a more
positive note, Corpora has recently completed a 3m placing to fund expansion
and announced software product sales to Microsoft and EDS.

The Company's ongoing strategy is to create more Progeny(R) companies in the
biosciences, electronics, optronics, IT, materials, nanotechnology and software
sectors. At the year end, the pipeline for further Venture opportunities was
strong. ANGLE's business model, high calibre management and its Progeny(R)
process have been recognised by many potential technology partners as bridging a
critical gap in exploiting their intellectual property. As a result ANGLE is
evaluating new Venture opportunities with several of the UK's and US's top
technology universities, key research organisations and FTSE 100 / Fortune 500
businesses.

ANGLE's business is scaleable, well diversified into international markets and
benefits from a portfolio of companies specialising in a number of different
sectors. This diversity and flexibility is key to ANGLE's ongoing strength and
stability.

With a solid performance underpinning its activities, a strong sold order book
going forward and many exciting and profitable venture opportunities on the
horizon, ANGLE is facing the future with confidence and optimism.



ANGLE PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2005

Note 2005 2004


Turnover
Consulting and Management 3,897,714 2,656,553
Ventures 234,437 219,257
4,132,151 2,875,810
Operating costs
Consulting and Management (3,375,944) (2,228,087)
Ventures (1,785,400) (674,918)
(5,161,344) (2,903,005)
Other operating income
Ventures
Profit on disposal of investments - 2,309,281

Operating profit / (loss)
Consulting and Management 521,770 428,466
Ventures
Operating loss (1,550,963) (455,661)
Profit on disposal of investments _______- 2,309,281
(1,550,963) 1,853,620

(1,029,193) 2,282,086
Provision for diminution in value of
current asset investments (1,566,372) -

Net interest 242,184 46,384
_________ _________
Profit / (loss) on ordinary activities
before taxation (2,353,381) 2,328,470

Tax on profit / (loss) on ordinary activities 3 37,850 (37,850)
_________ _________

Retained profit / (loss) for the year (2,315,531) 2,290,620
========== ==========
Earnings / (loss) per share 4
Basic (pence per share) (13.87) 20.43
Diluted (pence per share) (13.87) 19.45


The profit and loss account has been prepared on the basis that all operations
are continuing operations.



ANGLE PLC

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 APRIL 2005
2005 2004


Retained profit / (loss) for the year (2,315,531) 2,290,620

Currency translation differences (42,990) (26,647)
_________ _________
Total gains and losses recognised in the year (2,358,521) 2,263,973
========== ==========


ANGLE PLC

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2005
Note 2005 2004


Fixed assets
Tangible assets 52,742 31,959
Investments 1,755,779 516,782
_________ ________
1,808,521 548,741
Current assets
Investments 881,805 2,398,177
Debtors - due within one year 847,584 625,503
Debtors - due after one year 239,570 239,570
Cash at bank and in hand 5,548,638 8,246,871
_________ ________
7,517,597 11,510,121
Creditors: amount falling due
within one year (686,585) (1,063,116)
_________ ________
Net current assets 6,831,012 10,447,005
_________ ________
Total assets less current liabilities 8,639,533 10,995,746

Creditors: amounts falling due
after more than one year (1,316) (6,354)
_________ ________
Net assets 8,638,217 10,989,392
========== =========

Capital and reserves
Called up share capital 1,670,648 1,669,648
Share premium account 7,543,677 7,537,331
Profit and loss account (3,129,464) (770,943)
Other reserves 2,553,356 2,553,356
_________ ________
Shareholders' funds - equity interests 5 8,638,217 10,989,392
========== =========



ANGLE PLC

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2005

2005 2004


Net cash inflow / (outflow) from operating activities (1,537,704) 48,592

Returns on investment and servicing of finance
Interest received 246,936 10,960
Interest paid (3,262) (7,307)
_______ _______
Net cash inflow from returns on investment
and servicing of finance 243,674 3,653

Capital expenditure and financial investment
Payments to acquire tangible fixed assets (49,177) (15,218)
Proceeds on disposal of tangible fixed assets - 650
Expenditure on investments (1,288,997) (106,317)
_______ _______
Net cash outflow for capital expenditure (1,338,174) (120,885)
and financial investment

Net cash outflow from acquisitions and disposals - -

Equity dividends paid - -
_______ _______
Net cash outflow before management
of liquid resources and financing (2,632,204) (68,640)


Financing
Net proceeds from issue of ordinary share capital (69,241) 8,269,775
Capital element of finance lease contracts (10,538) (20,212)
________ ________
Net cash inflow / (outflow) from financing (79,779) 8,249,563
_________ ________

Increase / (decrease) in cash in the year (2,711,983) 8,180,923
========== =========



ANGLE PLC

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2005

C1 Reconciliation of operating loss to net cash outflow from operating
activities

2005 2004


Operating profit / (loss) (1,029,193) 2,282,086
Depreciation of tangible fixed assets 27,244 30,823
Loss / (profit) on disposal of tangible fixed assets - 118
Exchange differences (42,664) -
Loss / (profit) on disposal of fixed assets investments - (2,398,177)
(Increase) / decrease in debtors (223,573) (332,361)
Increase / (decrease) in creditors within one year (269,518) 466,103
_________ ________
Net cash inflow / (outflow) from operating activities (1,537,704) 48,592
========== =========

C2 Analysis of net funds


1 May Cash flow 30 April
2004 2005


Net cash:
Cash at bank and in hand 8,246,871 (2,698,233) 5,548,638
Overdraft - (13,750) (13,750)
________ ________ ________
8,246,871 (2,711,983) 5,534,888

Debt:
Finance leases (16,891) 10,538 (6,353)
________ _________ _______
Net funds 8,229,980 (2,701,445) 5,528,535
========= ========= =========



C3 Reconciliation of net cash flow to movements in net funds

2005 2004


Increase / (decrease) in cash in the year (2,711,983) 8,180,923
Cash outflow from reduction in debt 10,538 20,212
New finance leases - (6,764)
Exchange differences - (26,647)
________ ________
Movement in net funds in the year (2,701,445) 8,167,724
Opening net funds 8,229,980 62,256
________ ________
Closing net funds 5,528,535 8,229,980
========= =========


ANGLE PLC

NOTES TO THE FINANCIAL INFORMATION
FOR THE YEAR ENDED 30 APRIL 2005

The financial information set out above does not constitute the Company's
statutory financial statements for the year ended 30 April 2005 within the
meaning of section 240 of the Companies Act 1985 but are derived from the
audited financial statements. The auditors have reported on these accounts and
their report was unqualified and did not contain statements under s237(2) or (3)
of the Companies Act 1985.

1 Basis of preparation

The financial information in this announcement has been prepared on the basis of
the accounting policies as set out in the financial statements for the year
ended 30 April 2004. The 2004 statutory accounts have been delivered to the
Registrar of Companies and the auditor's report on those accounts was
unqualified.

2 Compliance with accounting standards

The Financial Statements are prepared in accordance with the Companies
Act 1985 and applicable United Kingdom accounting standards.

The directors have, in accordance with sections 226 and 227 of the
Companies Act 1985, departed from the standard format of the profit and loss
account in presenting the financial statements. Profits and losses on disposals
of fixed asset investments, and provisions for diminution in value of fixed
asset investments are included in 'Other operating income' within operating
profit as these represent a return from a principal class of business activity.
Other material disposals that are not part of the main business activities are
shown below operating profit in accordance with the Companies Act 1985 and FRS3
- Reporting Financial Performance. Examples of such material disposals include
fixed assets, such as property, or current asset investments, such as listed
shares held for disposal in the short term.

3 Tax

The Group is eligible for and takes advantage of the substantial shareholdings
relief UK corporation tax exemption. This results in the gain from any
disposals of UK investments where the Group has an equity stake greater than
10%, and subject to certain other tests, being free of corporation tax.
Tax is therefore based on the net of profits in the Consulting and
Management businesses as relieved by losses incurred in the establishment and
development of new ventures.

4 Earnings per share

The basic and fully diluted earnings per share is calculated on an
after tax loss of 2.32 million (2004: profit 2.29 million).

The basic earnings per share is based on 16,697,500 weighted average
ordinary 10p shares (2004: 11,209,904). Share options are non-dilutive for the
year because of the loss. The fully diluted earnings per share is based on
16,697,500 weighted average ordinary 10p shares (2004: 11,775,197).

ANGLE PLC

NOTES TO THE FINANCIAL INFORMATION (Continued)
FOR THE YEAR ENDED 30 APRIL 2005

5 Reconciliation of movement in shareholders' funds


Group 2005 2004


Profit / (loss) for the year (2,315,531) 2,290,620
Conversion of warrants - 16,916
Gross proceeds from issue of shares 10,000 9,000,000
Issue expenses (2,654) (837,669)
Currency translation differences (42,990) (26,647)
_________ _________
Net addition / (reduction) to shareholders' funds (2,351,175) 10,443,220

Opening shareholders' funds 10,989,392 546,172
_________ _________
Closing shareholders' funds 8,638,217 10,989,392
========== =========

more business for agl.

For Immediate Release 20 July 2005

ANGLE plc

Wins Contract With The BioBusiness Alliance of Minnesota

ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology and the development of technology-based industry
is pleased to announce that its US Consulting and Management division has won a
contract with The BioBusiness Alliance of Minnesota, worth $200,000, to conduct
a comprehensive assessment of the state's biobusiness capabilities.

The BioBusiness Alliance of Minnesota is an industry-driven, business
development organisation of representatives from established and emerging
Minnesota companies, universities and government. It is devoted to building the
bioscience industry, retaining and creating jobs and economic growth, and
positioning Minnesota as a global leader in biobusiness. The Minnesota
biobusiness industry includes many World-class businesses and institutions such
Medtronic, 3M and the Mayo Clinic.

The information from the six month assessment, which will conclude in the fourth
quarter of 2005, will benchmark Minnesota against other countries and states.
The outcome of the process will identify the State's strengths and development
needs, and provide recommendations to target specific areas of biobusiness in
which Minnesota can compete as a global leader. These recommendations will
reflect the convergence of technologies, products, and markets that exist in the
State, and identify Minnesota's opportunity areas for growth.

ANGLE established a Minnesota office in August 2004 in recognition of the
significant business potential it believes exists in this State. ANGLE was
chosen following a rigorous national and international selection process. ANGLE
was selected for their significant experience both in conducting assessments in
the U.S. and internationally, and for their consulting expertise in the
technology industry.

Dr. Gary P. Evans, CEO of ANGLE's US Operations, said:

'We are delighted that ANGLE has been selected to deliver this innovative,
industry-driven assessment of Minnesota's biobusiness capabilities. We look
forward to working with the BioBusiness Alliance team to take the first step in
the long-term planning and development of a biobusiness strategy for Minnesota.'

Andrew Newland, Chief Executive of ANGLE plc, said:

'This contract is a great example of ANGLE's continuing expansion within the
United States. The Minnesota region is a prosperous biobusiness arena and this
contract will position ANGLE alongside some of the biggest names in the market.
We expect that Minnesota will emerge as a further key platform for our Ventures
business in the US.'

re organization taking place.

1 August 2005

ANGLE plc

('ANGLE' or the 'Company')

Formation of Executive Management Board and Board Change

ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology and the development of technology-based industry
announces the formation of an Executive Management Board which will report
directly to the ANGLE plc Board.

In recognition of the Company's recent successes, rapid expansion and future
prospects across the United Kingdom, United States and the Middle East, ANGLE
has strengthened its management structure and promoted Stephen Bates, currently
Director of UK Ventures, to UK Chief Executive. Responsibility for HR,
marketing, IT and operations will now be devolved from the Board to regional
chief executives ensuring full responsibility for all activities in their
respective regions.

With immediate effect, the Executive Management Board will consist of Group CEO,
Andrew Newland and Finance Director, Ian Griffiths, together with:

Stephen Bates, UK Chief Executive

Stephen Bates has an MA in engineering, and an MBA. Following 10 years within
the product development industry his career has taken him to Scientific
Generics, Arthur D. Little and Marks & Spencer prior to joining ANGLE in 2004.
Dr Gary Evans, US Chief Executive

Gary Evans has a BSc in Chemistry, a PhD in Physical Chemistry, and a Diploma in
Management Science and was Visiting Professor in Innovation Management at the
Robert Gordon University, Aberdeen. Following a career with Cambridge Life
Sciences and then Scottish Enterprise, Dr. Evans joined ANGLE in 1997.

Dr Eulian Roberts, Middle East Chief Executive

Eulian Roberts has a BSc in Microbiology, a PhD in Molecular Biology and an MBA.
He gained three years' post-doctoral experience and then joined Scottish
Enterprise. He then became chief executive of the Stirling University Innovation
Park, managing director of Coventry University Enterprises Limited and a
director of the UK Science Park Association. Dr Roberts joined ANGLE in 1998.

As a result of these changes, Dawson Buck will be stepping down from his
position as Deputy Chief Executive, with immediate effect. He remains a director
of ANGLE's venture companies, Corpora plc and Provexis plc.

Commenting on the new organisational structure, Group CEO, Andrew Newland, said:

'The formation of an Executive Management Board establishes a clear management
structure and accountability by region which will improve the efficiency and
integration of our Consulting & Management and Ventures operations, streamline
overheads and facilitate our continuing rapid growth.

The new management structure gives us the platform we need to grow the business
substantially. I am delighted to have such high calibre individuals within the
Executive Management Board.

I would also like to put on record my thanks to Dawson Buck for all his
contributions to the ANGLE Board over the last five years.'

another interesting string to angle's bow.

"For Immediate Release 17 November 2005

ANGLE PLC

US VENTURE, ABERRO: PRODUCT IN BETA TRIALS


ANGLE is delighted to announce that it has officially launched Aberro, a
software testing company (formerly known as ContraSoft). Aberro is 57 per cent.
owned by ANGLE and is ANGLE's first US venture founded since ANGLE's flotation
in 2004.

Aberro has developed a beta release of its product, AberroTest, which is in use
at several companies. The product solves a number of issues in the software
industry and is expected to be released commercially later this year. Aberro is
previewing the technology at STARWEST, the world's largest software testing
event, which is being held this week in Anaheim, California.

A recent IDC report projected that in 2006, companies will spend over $1 billion
on tools to help improve their software testing capabilities. Aberro's Adaptive
Automated Testing delivers easy and rapid test creation, with no programming
skills required, coupled with low-cost execution that automatically adapts to
changes in the target application. With Aberro's technology, tests are
automatically created in a matter of minutes. This allows testers to find and
repair defects sooner and more easily, while reducing development costs and
improving overall software quality.

In developing Aberro, ANGLE has assembled an experienced management team headed
by CEO Douglas Smith and Vice President of Marketing Steve Lafferty. Smith
joined the company from ANGLE, where he served as an Entrepreneur in Residence.
He has over 20 years of management experience, including CEO and COO roles at
three start-up companies and senior management positions at Digital Equipment,
Compaq and EMC. Lafferty previously served as Business Unit Director with
Manugistics and has held senior-level marketing roles at Cadre, Iona, Sterling
Software and Green Hills Software.

Additionally, Aberro's Co-Founder and CTO William Rogers, Ph.D., brings over 20
years of research and development experience to the team. Rogers was the
originator of Aberro's revolutionary software testing technique, Adaptive
Automated Testing, which enables rigorous automated testing of software far
earlier than any other solution on the market.

Rob Kornblum, Managing Director of ANGLE Ventures (US) said:

'We are delighted with our progress at Aberro in delivering product to beta
users so rapidly. We already see a tremendous amount of interest in Aberro's
products from the software community."

New broker notes out on this one - Dont delay - share price 86p !!!!!!!

Collins Stewart gives it a buy rec and 156p price target based on a 26m combined entity valuation.

Edison Investments states the embedded valuation on Angle's Consulting & Management Business and the Venture Portfolio is 31m - Indicating a 100% gain in share price from current levels.

They suggest that using the current embedded valuation model, the current value of Angles six non-exited ventures is only 5.5m - suggesting Angle to be SIGNIFICANTLY UNDERVALUED

Check it out chaps....looking very cheap at current levels..

not been keeping this thread up to date. no longer a holder but still interested. they've still got 25% of pxs which is starting to take off . from the last results .....

"
Provexis Following the flotation of Provexis during the half year,
ANGLE retains a holding of 24.8% in Provexis plc. Founded by ANGLE
in 2000, Provexis is a product development and licensing company
developing a range of scientifically proven products based on
naturally occurring food bioactive ingredients to help prevent major
killers such as cardiovascular disease and cancer. Its first product a
heart health drink named Sirco was launched in Sainsbury's in January
2006. During the half year, Provexis completed the reverse
acquisition of Nutrinnovator Holdings plc bringing retail expertise to
the company to support the launch of products in the market. This
was followed by flotation on the Alternative Investment Market
delivering ANGLE a gain in valuation of 2.0 million at the placing
price compared to the cost of investment. ANGLE also invested at
pre-IPO and in the flotation itself. The share price at close of
business on 23 January 2006 values ANGLE's original Progeny(R)
investment at in excess of 8.5x cost. At close of business on 23
January 2006 the share price had risen 105% since the half year end
increasing the value of ANGLE's investment by a further 3.2 million
to 6.3 million. "

angle results

Worth reading the new broker notes if you have them.
Edison note is listed on their website.

A good play as you say with its 25% of PXS - note the recent rise of PXS since the publication of results.
62m shares (24.8% of company 250m) based at mid price on Friday (11.625p) adds close to a 1m gain to the 6.3m mentioned in the results...

Share price shows shows the start of a reversal -
The last two candlesticks formed a Bullish Harami Pattern . This is a bullish reversal pattern that marks a potential change in trend.

thorlidur, if you post the links to broker notes i will put them in the header.

Edison Research note link below, historic research notes can also be found on Angles website http://www.angletechnology.com/

http://miranda.hemscott.com/ir/agl/pdf/05EdisonResearch25jan06.pdf

Have the Collins Stewart note - but no link to it unfortunately.

ok, done. chart also added. good luck .

Likewise. If you want the cs note can always send it on to you.

Bit of info off the cs note on potential of the progency companies...note the market size and angle holding figures....

Table 1: Progeny Venture Company Portfolio
Company, Market, Market size, ANGLE holding, Status

Novocellus Human fertility treatment $1bn 63% [1]
- Clinical trials to complete in Q2 2006
- Engaging with commercial partners

Acolyte Bacteria identification $1.3bn 11%
- MRSA diagnostic product launched
- Sales to UK hospitals

NeuroTargets Neuropathic pain treatment $7bn 25%
- Co-development arrangements with several large pharmaceutical companies

Provexis Foods with proven health benefits Rapidly growing 25%
- AIM listed
- Drink launched Jan 06
- Multiple currently 8.5x

Aberro Software testing $1bn+ 57%
- Product launched in Jan 06
- Strong interest

Synature Effective market segmentation of internet users $700m 55% [1]
- Top industry hire secured as CEO
- Product in development

Geomerics Accelerated computer graphics $700m 60% [1]
- Game industry deal expected 2006
- Top game industry hire secured as CEO

Exago Data discovery, summarisation and expertise location $1bn+ 10% of Corpora
- Trade sale for shares to Corpora plc in 2004
- Multiple currently 3x

Angle to raise 8.1 mln stg from 79p/share placing

Angle PLC, the management and consulting firm, said it is placing up to 10.205 mln new shares at 79 pence each to raise up to 8.1 mln stg. The new shares will represent 37.6 pct of Angle's enlarged share capital.

The company said it will use the placing proceeds to develop its existing Progeny company portfolio and establish new Progeny companies from the pipeline of opportunities under development.

Broker Mulier Capital, which has assisted in the fundraising process, is taking a 2.23 pct stake in Angle, subscribing for 605,749 placing shares

Angle had a nice write up in the Mail this weekend - focusing on Novocellus.

"The prsospect of its Novocellus offshoot, which aims to improve the success rate of fertility treatment looks enticing and have the potential to reverse teh decline in Angles shares which have drifted to 83.5p."

A few points mentioned on Novocellus -

1. Huge demand for IVF treatments
2. Recent first results showed 34% improvement in patients, larger studies currently underway.
3. If these confirm the findings - submited EU approval - on the market 2007
4. Unclear as yet what Novocellus would charge for its treatment, however 200-250 looks feasible. Equating global market worth 140m a year. If won 10% of this - revenues would be 14m, (assuming 25% margin) pretax of 3.5m. Valuing this at 16x earnings would price Novocellus at 40m with Angles 63% at 27m.
5. This 27m is nearly double Angles current stock market value of 14m


Also goes on to point out the other progency companies - highlighting their potential....

Sums up with what we all know -
"One big winner could change the picture. Its backers are now crossing their fingers that Novocellus will be the one."

Have to say I still personally fancy Geomerics myself - But obviuosuly will be happy with Novocellus being the jewel in the crown here :)

Will I'm in on these ones... 1,300 at 88p each yesterday

Investors Chronicle
10 March 2006
Share placing to widen angle appeal

Angle, which commercialises technology, has raised 8.1m in a placing at 79p a share. On completion, the new shares will represent 38 per cent of the total shares in issue. The proceeds will be used to develop the existing portfolio of companies and to establish new companies.

Angle's shares have performed poorly, but the placing should help to secure the future pipeline of developments. At 83p, the shares are good value.

Another new research note out this month (21st March 06) from Fyshe Horton - available through the investors section on Angles website. Ive posted the link below.

http://miranda.hemscott.com/ir/agl/pdf/FysheHortonFinneyANGLEResearchNotemar06.pdf

A nice summary here -

"Our calculations point to aconsiderable uplift in price and we suspect that the recent fundraising could be the catalyst to trigger a change in sentiment and appreciation in price. What is clear is that the potential of the six un-exited progency companies is not fully reflected. Indeed our calculations suggest that at the current price, the implied value of these investments is only 1.5 million. A fair assessment of the underlying business reveals that this is inadeqaute. If ANGLE can further develop its C&M business whilst continuing to demonstrate the ability to realise value from its Progency companies, the potential exists for a significant re-rating of the shares. BUY"

more new stuff. who would have thought that Vibration White Finger was such a problem !!


Angle PLC
29 March 2006


For Immediate Release 29 March 2006

ANGLE plc

('ANGLE' or 'the Company')

New Venture Company: InnoMatica Ltd



ANGLE plc ('ANGLE'), the venture management and consulting company specialising
in the commercialisation of technology, is pleased to announce the launch of its
latest venture company, InnoMatica Ltd ('InnoMatica').



In accordance with ANGLE's Progeny(R) process for creating new ventures,
InnoMatica has secured intellectual property that is set to revolutionise the
US$1.2bn per annum global market for percussive power tools by reducing operator
exposure to vibration, the principal cause of medical conditions such as
Vibration White Finger (VWF). The technology has been developed over ten years
by a team of leading engineers, academics from the University of Cambridge and
members of the power tools industry.



The scale of the vibration problem is substantial. In 2001, over 35% of
employer's liability insurance claims were for Hand Arm Vibration Syndrome
(HAVS), a debilitating condition caused by exposure to hand transmitted
vibration. The Health and Safety Executive (HSE) estimates that there are around
300,000 sufferers of VWF, the most common form of HAVS, in the UK, with around 2
million people regularly exposed to high levels of vibration. Costs of settling
a single VWF claim can exceed 200,000.



Since the implementation throughout Europe of the Physical Agents (Vibration)
Directive (approved by the UK Parliament as The Control of Vibration at Work
Regulations, July 2005), employers have been bound to adhere to specific limits
on employee exposure to vibration in the workplace. The only method of
significantly reducing the vibrations generated by percussive power tools, such
as road breakers, is by increasing the mass of the tool; yet practical and
regulatory issues prevent the movement of such heavy tools. As a result,
employers have had to either limit the time a single employee may use a tool or
use deliberately underpowered tools in order to comply with the regulations.



InnoMatica holds the solution to this problem in the form of its Variable Mass
Technology (VMtechnologyTM). This technology reduces tool vibration to a level
that allows a single operator to use a powerful percussive power tool for up to
four times longer than existing products. This not only removes the need for
time limits or power reduction, but also provides the operator with a much safer
and easier to use tool.


In accordance with ANGLE's Progeny(R) process for creating new ventures, ANGLE's
plan is to build a strong commercial offering, seeking a return on its
investment in the medium term. ANGLE expects to invest up to 400,000 in the
Progeny(R) venture, which is presently wholly owned by ANGLE. Once InnoMatica
has exercised its option to acquire the technology, ANGLE's equity stake in the
Company will be 61%.


ANGLE's Chief Executive, Andrew Newland, said:



'The power tools and construction industries are worth US$1.2bn per annum, and
they have long awaited a solution to the injuries caused from vibration power
tools. We are delighted to be at the forefront of a technology that dramatically
enhances productivity, not only solving the financial and legislative issues but
also addressing human safety.'



Chief Technology Officer of InnoMatica, Dott. Giovanni Bisutti, said:



'InnoMatica's technology provides a genuine new standard for health, safety,
productivity and operator comfort in percussive power tools. We intend to
address the major legislative and productivity issues currently facing the
industry.'

Another research note out -

http://www.brokerlink.co.uk/angle.pdf

Profile
The share placing announced by ANGLE to raise up to 8.1m will enable it to further develop its Ventures business, which has enjoyed considerable success to date. This can be demonstrated by the flotation of one of its Venture companies, Provexis, last June. At the time of flotation, ANGLE's stake in the company was worth 3.5m, giving the group a profit of 2.0m and by the end of January, due to the rise in the Provexis share price, this stake was worth 6.4m. The group's Consulting and Management business entered the second half with a strong order book, meaning that the outlook for the company is very encouraging and the shares could recover strongly over the next few months....